Solutions for Business Owners -Preparing for the Future
You may want to stay in your business for 5, 10, 20 or more years from now. But if adversity strikes or if you decide to embark on a new adventure, do you have a plan in place to help protect your business partners and family members?
Here are some things to consider:
Who’s going to run your business?
If something happens to you, you might think your family would carry on the passion you put into your business. In many cases, family members may not have the qualifications or desire to continue running the business and your co-owners may not welcome the idea of an unintended partner.
How might you exit your business?
Someday you may decide you’d like to retire, work fewer hours or sell the business. The questions you want to ask yourself about exiting or transferring your business include:
- Do you have a business succession plan?
- Do you know when you want to exit your business?
- Will you sell your business to a third party or a co-owner? Or maybe your children or other relatives?
- Do you know how much income you’ll need after you leave the business?
- Can you sell the business for enough to earn that income?
- Do you know what your business is worth?
Do you know what your business is worth?
75% of business owners don’t have an accurate idea of what their business is worth.
– BizEquity, 2016
What’s your business worth?
Knowing the true value of your business is critical to proper business planning and achieving your personal goals. This is especially important when you want to retire or sell the business – and a business valuation will provide you the details you need to plan the sale of your business.
Policy Agent has teamed up with leaders in the business valuation industry, to provide a custom business valuation at no cost to you
Taking care of your business, family and employees
Owning your own business can be one of the most satisfying experiences of your life. As a business owner, you also know how easy it is to get lost in the day-to-day activities of running a business. Do you have a plan in place or have you recently taken the time to consider what matters most to your business?
Related Content
Building a strong foundation
Owning a business entails a lot of responsibilities. One of the first responsibilities you might want to consider is how to protect against events that may threaten the future of your business, beyond the basic property/casualty protection.
Taking care of employees
You want your employees to be happy and productive. Are you doing the most you can to reward your key employees? And are the benefits you provide helping you keep and bring in new workers?
A business valuation helps you know the true value of your business, which is critical to proper business planning. If you’d like a custom valuation for your business, a Mutual of Omaha agent will listen to your needs and concerns, and can provide a business valuation at no cost to you.
Business valuations can help you:
- Better understand your business and its potential
- Ensure that your business and your family are properly protected
- Plan for the future of your business
- Know the value of your largest asset to properly plan for your retirement
- Prepare for taxable events
- Prepare for selling your business
