As a business owner, you havea lot to balance.
And lots of things to consider for the future. Things like, will your family have enough income if you stop working? Will a key employee suddenly leave you hanging? Is a family member the right person to run the company after you retire? You may not have all the answers now, and that’s okay. But there are some decisions to make that will have a lasting impact on the future of your business.
Most business owners typically have three main objectives at the core of their needs: create income, build wealth and protect assets. With these objectives in mind, we can focus on the below key planning areas.
Properly managing risk now means that even if you have to stop working, or a storm damages your building, you can take comfort in knowing your family will be financially okay.
Your key employees are more than just employees; they are essential to running your business. That’s why losing even one is too many.
Make sure your business lands in the right hands after you exit. We get it, you’re busy. Very busy. And thinking about your successor isn’t necessarily a top priority when you’re still in charge.