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Creating a small business succession plan can be a challenge because founders often let emotions, family dynamics, and concerns about fairness guide their business decisions. This can lead them to make choices that are not optimal for the future of their business — or their own financial portfolios. Read More about Your Business Succession Plan: Deciding To Give or To Sell
Your family business can build bonds across generations and a legacy in your community. At the same time, the demands of managing a family business are unique: succession planning, risk management and relationships with family partners.
Don’t skimp on insurance for your business. A disability or loss of one key individual could be devastating. Consider key man insurance in addition to life and disability. These plans make buying or selling a business less risky and support your succession plan.
Consider your family’s needs before expanding your business. Make sure income is in place to cover living, medical and savings plans. Review your disability and life insurance coverage and investigate key man insurance.
Make sure your assets can support both your business plan and your personal retirement plan. If your business represents a significant portion of your asset base, consider how to balance your other assets to spread your risk.
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