Professional
His story is enlightening. The lessons he learned will last a lifetime. Peter A. Racen joined his family's business in 1976 while earning his BSBA degree from the University of Missouri-St. Louis. The business was founded in 1946 by his grandfather, retired USAF Col. Ferdinand Racen. The company distributed calibrated and repaired electronic instrumentation and process controls. During Peter's 23 years of working in this family-owned business, he developed a diversity of management and leadership skills. He was on his way to developing even greater skills.
In 1985, Peter and two of his brothers signed a buy/sell agreement with their father as part of the company's succession planning. However, it was not until Peter's father's death from cancer in 1990 that they learned their father did not have sufficient life insurance to fund the buy/sell agreement. What a shock this was to the family. They never thought to ask about his life insurance benefits. After all, who really wants to discuss death? As a result of not having adequate life insurance, the company had to take hundreds of thousands of dollars out of the operation of the business to fulfill the buy/sell agreement. This was devastating to everyone in the family. Besides the financial pressures this situation placed on the business, it also created family tension.
In 1997, the company merged with another firm headquartered in Atlanta. Sadly, due to changes in the marketplace in which the company served, this former family-owned business was sold to a publicly traded company in 1999.
Peter doesn't want this same situation to become a reality for other business owners or their families. After this tragic business challenge, Peter decided it was time to help other business owners enhance and preserve the value of their businesses. Now Peter is a Financial Representative for Northwestern Mutual Financial Network. He works with a variety of local business owners concerning business exit analysis, risk management, personal needs analysis, estate accumulation and distribution and incentive plans to attract top people and retain them.
As a Northwestern Mutual Financial Network Representative, Peter makes it his business to understand his clients' business. By listening carefully and asking the right questions, he can better understand his clients' unique needs so he can offer the most effective solutions for their business. This highly personalized approach leads to customized recommendations that will enable the client to make the right decision for them and those who depend on them.
Associations and Memberships
Million Dollar Roundtable
NAIFA
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