You know what it takes to build a successful business. It takes vision, preparedness, skills and desire ó not to mention a focused dedication to achieving your goals. If you are like most business owners, youíve worked hard and made many sacrifices to grow your business. Thatís why you should put just as much energy into protecting it as you did building it.

Ask yourself these important questions:

  • Do I have a plan for my business when I retire?
  • Has the plan been documented or verbally communicated?
  • Do I have a formalized and written Business Succession Plan?
  • Has the plan been documented or verbally communicated?
  • Is there an established timetable for the transition of ownership?
  • Has the plan been documented or verbally communicated?
  • Do I know the value of my business either through a recent business evaluation or a common method in my industry?
  • Have I coordinated all personal and business planning documents to help any transition go smoothly?
  • Have I done everything I can to attract, retain and reward the key employees that are critical to my business?
  • Do I know how much I need for retirement?
  • Do I have a process in place for strategic planning of my succession team?
  • Do I have a plan in place to address problems created by an untimely death or disability of someone in management or ownership?
  • For family business owners:
  • Is my business capable of continuing its success in the event of my or my partnerís untimely death or disability?
  • Is my family adequately protected if something were to happen to me?
  • Do I think you and other family members have a shared vision for the business?
  • Is there an effective communication plan between family members?

If you answered "no" to any of these questions, you may want to consider implementing a formal business planning strategy. Proper business planning can help you protect your business, attract and retain key employees, and help ensure that your business transfers in the manner in which you choose.

No business plan is complete without a financial strategy for the unexpected. Start by exploring all your protection options. Then develop a long-term exit planning strategy that can help protect the continuity of your business should you, a partner, or key employee decide to retire, leave the business, or unexpectedly dies or becomes disabled.

Most business owners spend the majority of their time working IN their business instead of ON their business. We can help ensure that the business protection needs that are critical to the long-term success of your business are taken care of.