Business Succession Planning 101

Kristy DonahueBusiness Succession Planning, Buy Sell Agreements

Do you have a will?  Have you thought about how you would take care of your family if something happened to you?  Have you given any thought to retirement?  Well, the same thought process needs to go into your business.  If the unthinkable were to happen such as a car wreck, or becoming ill with COVID-19, how would your business continue?  Who would open your store?  Run payroll?  Order supplies?  Pay vendors?  Manage employees?  Savvy business owners know that a good business succession plan means the business has a plan when the unthinkable happens.  Its not all doom and gloom though.  A concise business succession plan puts your business in great shape for selling it later- which translates into a more prosperous retirement for you!

Recently, the New Mexico Small Business Development Center,( along with Law 4 Small Business (L4SB) Attorney Ian Alden and Financial Planner Nic Baker hosted a 2-part virtual workshop that teaches business owners all of the basics when it comes to creating and funding a viable Business Succession Plan. The information is priceless and the workshops are available now for you to view by clicking the links below.

Watch Part One:

Watch Part Two:

Insurance 4 Small Business – Protect your business, your employees &  yourself.

Protect your business, your employees & yourself.

You can’t afford to not be protected.