2 Major Risks
What are the risks? Consider how your business, and by extension, your family, might be impacted if:
You passed away:
- Could your heirs sell the business and receive its full value?
- Do your heirs have the skill set and expertise to continue to run the business successfully?
- Do you have a successor or succession plan in place?
You suffer a serious illness or become disabled:
- How would your inability to work impact your family’s finances?
- How might it affect the success of your business?
- How might it affect your retirement savings?
- How would you pay for your care?
For small business owners, there are also retirement challenges, we will discuss in next blogpost.