If you own your own business, you know that the ingredients for success are many. You need to come up with start-up cash, develop a realistic business plan, open in the right location, hire talented people and keep them happy, draw in customers and keep them happy. Not to mention keeping up with ever changing tax rules and government regulations.
If you’re running a successful business, take a bow...but don’t take a break.
Once everything is operating smoothly, you face the challenge of keeping it going . . . and passing it on.
What happens to your business if something happens to you? If illness, injury—or worse—takes you out of the picture? Can the business go on for the sake of your employees, your customers . . . your family? What if a key employee dies? Or a co-owner? Can the business survive?
You may not want to think about such things, but, fortunately, there are ways to overcome such obstacles. Careful planning may make it possible for your family to have the means to carry on the business. . . or effectively dispose of if that’s what’s considered best for all involved. The loss of a key employee can be devastating emotionally, but it doesn’t have to be financially destructive.
Steps you take now, based on solid professional advice, can help provide reassuring peace of mind today and continued business success tomorrow.