Rock LaManna02.12.19
There will come a morning when you get up, look at the sunrise and say, “I’m done.”
When you are ready to move to the next stage of your life, without your business, it helps if you have planned everything out in advance. I know what you’re thinking. “Of course I’ll plan everything out!”
The problem is, sometimes we need to be done with our businesses before we expect. Would you be prepared if you had an unexpected health issue, the death of a spouse, the betrayal of a business partner, or the loss of key employee?
Here are just a few things every owner should do to prepare for a sudden and unexpected change in the business situation:
1. Get a business valuation under your belt, even if you have no immediate plans to sell or transfer.
2. Get a valuation for all real estate the company owns.
3. Assemble and meet with your dream team of advisers (investment banker, estate attorney, wealth adviser, CPA, etc.).
4. Increase your emergency line of credit and negotiate the terms.
5. Review your life insurance policy.
6. Make sure business and employment taxes are paid and up to date.
7. Hire, train and promote a trustworthy second-in-command who can run the business, sign checks, and access cash in an emergency.
Even if you are 30 years from retirement, the wise business owner is prepared. Take time today to get your house in order so you can make better decisions if something unexpected happens.
For 35 years, Rock LaManna has coached and advised owners on how to make business changes from a place of empowerment and knowledge. It’s never easy to change course or face unpleasant truths, but LaManna Alliance has the hands-on experience to keep you moving forward. Email Rock@RockLaManna.com to inquire about services or start a confidential discussion.
When you are ready to move to the next stage of your life, without your business, it helps if you have planned everything out in advance. I know what you’re thinking. “Of course I’ll plan everything out!”
The problem is, sometimes we need to be done with our businesses before we expect. Would you be prepared if you had an unexpected health issue, the death of a spouse, the betrayal of a business partner, or the loss of key employee?
Here are just a few things every owner should do to prepare for a sudden and unexpected change in the business situation:
1. Get a business valuation under your belt, even if you have no immediate plans to sell or transfer.
2. Get a valuation for all real estate the company owns.
3. Assemble and meet with your dream team of advisers (investment banker, estate attorney, wealth adviser, CPA, etc.).
4. Increase your emergency line of credit and negotiate the terms.
5. Review your life insurance policy.
6. Make sure business and employment taxes are paid and up to date.
7. Hire, train and promote a trustworthy second-in-command who can run the business, sign checks, and access cash in an emergency.
Even if you are 30 years from retirement, the wise business owner is prepared. Take time today to get your house in order so you can make better decisions if something unexpected happens.
For 35 years, Rock LaManna has coached and advised owners on how to make business changes from a place of empowerment and knowledge. It’s never easy to change course or face unpleasant truths, but LaManna Alliance has the hands-on experience to keep you moving forward. Email Rock@RockLaManna.com to inquire about services or start a confidential discussion.