To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business Check-up No. 11:
Complete or update your business succession plan and have an exit strategy. Too many businesses suddenly collapse because they have no plan in place to deal with a sudden loss of leadership and/or the financial strain of loosing an owner (or key employee). Will your business be able to carry on if you (or another key employee) suddenly were injured, incapacitated or died?
Every business should have a succession plan/exit strategy. Be sure to groom a successor - who knows how to run your business in your absence. Buy life insurance and/or key man insurance for yourself (as the business owner) and for all of your key employees. The money can help "rent" a director or "buy" management expertise while your successor tries to get your business back on track.
Check for updates every week day through December 31st.
Happy Holidays from Griffith & Jacobson, LLC!
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For information on how the business lawyers at Griffith & Jacobson, LLC can help your business grow, contact Arieh M. Flemenbaum at 312-236-8110 or by email at Contact Us (http://www.gjlaw.com/contact).
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