Protecting Your Business & Family Against Risk
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?
- Can your business run without you?
- Would your best customers stay if you were no longer in charge?
- Is your family protected no matter what happens?
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.
Key Employee Benefits
Attracting, Retaining & Rewarding Key Employees
Your key employees are valuable assets that help keep your business running. Losing even one can be costly and trigger a ripple effect including:
- Lost productivity and knowledge
- Unsettled coworkers
- The expense of replacing and training a new employee
- Losing a key employee to a competitor can be even more damaging.
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:
- Is it too risky to assume the proceeds from the sale of your business can fully fund your retirement?
- Do you have the proper agreements in place to pass the business to a family member, partner, or key employee?
- How will you find the right buyer and know you received a fair price?
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.