The right solutions at the right time, to help keep your business... in business.
There are many important questions to consider when it comes to planning for your business. Would your family have enough income if you stopped working? Are you worried about losing key employees?
You may not have all the answers now, but a good plan is one with flexibility, that will evolve to your changing needs as you move closer to retirement. Keeping your goals in mind, let’s start building on some core objectives.
As a small business owner, the success of your business supports your family, your employees and their families. But what if something happens to you?
You also need to protect your business against threats like natural disasters, security breaches and identity theft. Properly managing risk can help ensure that your business will continue to provide for the people that rely on it.
Your key employees are valuable assets that help keep your business running. Losing even one can be costly and trigger a ripple effect including:
Rewarding key employees with long-term incentives gives them both validation and financial security that may result in higher retention rates.
A comfortable retirement depends on the successful transition of your business. Yet with so many daily responsibilities, it’s difficult to devote time to planning when or how you will step away from your business.
Different succession strategies may include pros and cons:
Before making any important decisions, it’s critical to know the market value of your business, including your current and projected revenue and your assets.
Working with an adviser to determine what your business is worth today will support your succession planning goals in the future.
Once these three focus areas are addressed, the planning process becomes more manageable and ultimately leads to a comprehensive plan delivering the right solutions, at the right times, over the life of your business. Let’s look at these areas and why they are critical. Keep in mind there are also a variety of solutions we can discuss to help you achieve underlying goals pertaining to each area of focus.
While every business is different, most small business owners typically have four main objectives at the core of their planning needs:
Sound about right? Moving forward with these goals in mind, we can help you create customized solutions designed to manage risk, create attractive benefits for key employees, and prepare for your retirement and the succession of your business.
As a successful business owner, you have a lot to balance. Even though you’re busy handling the day to- day, the future of your business still needs to be addressed—and the decisions you make now will prove vitally important to its financial health and longevity. For example, if you’re like most business owners, you plan to fund your retirement with proceeds from your business. However, doing this successfully takes planning well in advance.
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