Find out if you are well-planned for each business cycle by reviewing this checklist.Business capital phase, where the business is building and growing.Personal capital phase, when it’s time to plan for capital assets outside the business capital phase.Legacy capital phase, where managing and transferring wealth are your primary concerns.Family business owners face unique challenges in managing wealth and preserving legacies for future generations.
Thinking about risk before it happens is key for business owners.
The newest threat to businesses of all sizes is cybercrime.
Other risks to consider are asset concentration, fiduciary risk, and risks unique to the nature of your specific business.
Planning ahead is critical to mitigate many different kinds of risk and protect your business from losses.
Entrepreneurs are risk takers by nature, leveraging their insight, hard work, and capital to create successful companies.
The decision whether and how to best transition out of your business is seldom easy. Several key factors may include: (i) financial needs moving forward for you and your family; (ii) your desire to remain involved in the business in some capacity; (iii) the involvement of business partners and/or family members; (iv) the impact of income and/or estate taxes; and (v) market conditions.
