Legal Lingo
What is common legal document that governs what happens if a business partner wants to leave, dies, or wants to sell their stake?
What is a buy-sell agreement?
What financial statement shows a company's revenue, expenses, and profit over a period of time?
What is an income statement (P&L)?
What type of insurance is designed to cover a business's physical assets and its legal liability to others?
What is Property & Casualty (P&C) insurance?
My friend officially got a directors role at Old McDonald's Farm and his job title is...
What is CIEIO?
The ProVisors term for a small group of members (usually 3) who meet regularly outside the main meeting to build deeper relationships?
What is a Troika?
In real estate and construction, what's the legal claim a contractor can file against a property when they haven't been paid for work performed?
What is a mechanic's lien?
What's the name of the IRS provision that lets real estate investors defer capital gains taxes by reinvesting proceeds into a similar property?
What is a 1031 exchange?
What kind of insurance has become essential for nearly every business in the last decade because of ransomware and data breaches?
What is Cyber liability insurance?
What's the name for a cyberattack where a hacker locks a company's files and demands payment to release them?
What is Ransomware?
True or False: ProVisors considers itself primarily a 'networking group.'
False -- it's a trusted advisor ecosystem
In estate planning, what's the court process a will typically has to go through after someone passes away?
What is Probate?
What's the name of the trust structure often used alongside 1031 exchanges to allow fractional ownership in larger real estate deals?
What is a Delaware Statutory Trust (DST)?
What's the term for the employee benefits strategy where an employer pays claims directly instead of paying fixed premiums to an insurer?
What is a self-funded (or 'alternately funded') health plan?
What term describes the process of determining the fair market value of machinery, equipment, or other business assets?
What is an Appraisal?
The number of appearances per year does ProVisors consider just the bare minimum baseline -- not something to brag about?
What is 12?
In an M&A purchase agreement, what's the term for the seller's contractual promises about the business's condition — like clean financials or no pending lawsuits — that can trigger a claim if they turn out to be false?
What are representations and warranties?
What's the term for comparing a company's actual financial results to its budget or projections?
What is a variance analysis (budget vs. actual)?
What federal law requires employers to offer continued health coverage to employees after they leave a job?
What is COBRA?
In HR, what's the general term for making sure a company's policies and practices follow employment laws and regulations?
What is Compliance?
Two of Denver 2's affinity groups are...
What are (Any two) the Lawyers, Estate & Succession Planning, Women's, M&A, Real Estate groups?
What's the common term for a clause that prevents a former employee or business partner from competing with the company for a set time and area?
What is a non-compete agreement or clause?
In lending, what's the ratio banks use to measure a borrower's ability to cover debt payments with operating income?
What is Debt Service Coverage Ratio (DSCR)?
What's the term for comparing a company's employee benefit plan costs and services against similar plans in the market?
What is Benchmarking (vendor fee benchmarking)?
What's the term for a company's plan to transfer leadership and ownership to the next generation or a new owner?
What is Succession planning?
The four letters K-L-T-R, the foundation of everything ProVisors does, stand for...
What is Know, Like, Trust, and Refer?