Listen to the Episode Below:
You never know when illness can hit or sudden retirement comes knocking. Can you leave your business in good and able hands to step away? Do you know how this will affect your financial future, retirement plans, tax planning, and personnel benefits?
On this episode, Dr. Bart Basi–well-known speaker and succession plan advisor to small and family business owners–shares his insights on how to choose a “mini-you” (and find or cultivate them, if you don’t have one in mind already).
The Biggest (and Most Surprising) Threat to Your Business…
- Most (80%) of small businesses don’t have a succession plan in place. But with small steps taken over time, you can put yourself in solid shape–and avoid the stress and uncertainty.
- Look for people with the enthusiasm and leadership to pick up where you may leave off. Staff members, family members (sometimes), and outside applicants all bring potential to step up, if their objectives as business leaders align with yours and the future you see for your business. Financial insight helps, too.
- If you have co-owners, kickstart the process by creating a buy/sell agreement. You want to know clearly what happens of you (or your partners) die, become disabled, or leave. It’s one of the most important legal documents you can have in your business.
- Save yourself the stress–don’t treat your business exit as a DIY project. Seek professional guidance from the start so you can maximize the financial, tax, and legal benefits of being a business owner.
- Look for advisors who say “NO” … to any work that isn’t focused on growing, buying, and selling businesses. This isn’t the time to rely on your sister-in-law, a criminal defense lawyer. Or the accountant who did your W-2 filings when you were fresh out of college. Assemble a team that really knows this area. They’ll be able to spot the issues right away–which saves you time, money, and aggravation now … and in the long run.
Dr. Basi knows from personal experience (his entrepreneurial father died suddenly) how personally and financially devastating it is when you have no plan in place. Make sure you block out time to listen to the Business Breakthrough podcast and get his tips on getting started.
Dr. Bart Basi is the Senior Advisor to The Center for Financial, Legal, & Tax Planning, Inc., a law/accounting firm specializing in tax/business law, estate planning and succession planning. He began his advising career in 1973 while teaching at Penn State. He founded The Center for Financial, Legal, and Tax Planning, Inc. in 1978 and has been demanded for his business expertise ever since. He is nationally renowned for speaking to many audiences.
“The biggest threat to your business is not competition, the government, or even taxes. It’s that the business goes to the grave with the owner because they didn’t have a succession plan.” ~ Dr. Bart Basi
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