A few weeks ago I had the opportunity to be a guest on Michael Roberts' Small Business Celebration podcast. I shared advice from my estate planning legal background for small businesses located anywhere in the U.S. We discussed how to make a plan for your business in case something happens to you, what to do about forces beyond your control (force majeure events), and how to not waste your down time and instead use it to review your arrangements (personal and business). While this was recorded in May and has a coronavirus focus, this information can help business owners prepare…
Business owners believe strongly in the value of their businesses, so they are often tempted to reinvest everything into the enterprise, thinking that will be their ‘retirement plan.’
Whether you are just now embarking on your succession journey or are somewhere in the middle, remember the four Cs: clarity, certainty, continuity and communication.