WASHINGTON, Nov. 21, 2022 /PRNewswire/ — There are 32.5 million small businesses in the U.S., accounting for 99.9 percent of all US businesses. They are the lifeblood of countless towns and cities across the country. Yet, some estimates suggest 75 percent of small businesses don’t have a robust succession plan in place.
This Thanksgiving, to illustrate their gratitude and commitment to their employees and the long-term success of their businesses, Finseca is encouraging all small business owners to take three key steps to ensure their business is prepared for the future.
- Start the conversation. Small business owners should be thinking about both a near-term continuity plan as well as a long-term succession plan. A long-term succession plan should include management succession, ownership transfer, and key employee retention.
- Align the ownership’s personal financial plans with the business succession plan. Most of a business owner’s net worth rests within the business, so the succession, retirement, and estate plans should all be integrated and aligned.
- Sit down with a holistic financial security professional and take the first step. Not everything has to be done at once but ensure that the business will survive in the case of the disability or death of an owner. Preserving the business, maximizing its value, and minimizing its transfer taxes, among many other things, are all possible with a plan. Small business owners need to know their options and should have a professional on their side.
Again, this Thanksgiving can serve as a reminder that it’s the small ways in which we care for others that mean the most. If you’re a small business owner, take these steps today!
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future well-being. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.
Leave a Reply