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In this tutorial, the speaker emphasizes the importance of split dollar plans as a strategy to reward and retain key employees, highlighting that employee retention is crucial for business growth and maintaining a solid workforce. The speaker suggests that while competitive salaries, retirement plans, health insurance, and stock options are standard, thinking outside the box can provide innovative solutions for retention. A key point discussed is the potential for implementing meaningful benefits that also allow the company to recover associated costs, which can ultimately ease the transition toward retirement or exiting the business.
