As an entrepreneur, you’re probably optimistic by nature, so you likely prefer not to dwell on negative possibilities. But have you ever stopped to think about what you’d do if your business partner dies or becomes disabled? Or if you’re the sole owner, what happens to your business if you get hurt and can’t work?
If you’re like many people, you may have thought about it, but you don’t have a formal plan in place.
Unfortunately not having that plan can be an extremely expensive mistake. Too many people have been blindsided by one of these events and the cost may range from a loss in revenues to the loss of your entire business.
At Potomac Financial Services, we’ve been helping business owners prepare for the unexpected for over 35 years.
Business Continuity and Succession Planning Strategies
With longevity on the rise, many challenges are arising in both continuity and succession planning. Fortunately, there are strategies that can help make sure you and other stakeholders are protected no matter what life throws your way:
If you’re the owner that will be selling, a successful succession plan is also critical to help you achieve your retirement funding needs.
All of Your Planning Needs in One Place
At Potomac, we provide personal financial planning, business financial planning, and business continuity planning, all in one place. This is important since often your personal goals might be different from that of your business. If you use different professionals, your efforts may not be coordinated and smooth implementation may be difficult or unlikely. This can cost you time and money.
Instead, we’ve got the expertise to help you plan for your future as well as the future of your business.
Family Business Succession Plans
If you own a family business, succession planning should begin early. In passing a business on to the next generation, there must be adequate training, or you may risk the loss of customers and valued staff. At Potomac, we work with you to help come up with a plan that prioritizes maintaining the business for the benefit of all the stakeholders. Our presence can help make the process more objective and less awkward for you as well.
Over the years, we’ve been helping business owners with creating tailored solutions for all of these issues:
There’s too much at stake, so make sure you’re prepared. The team at Potomac has been helping business owners get and stay prepared for over 35 years.
Insurance products are sold through Potomac Insurance Agency, Inc. Clients do not need to purchase insurance through Potomac Insurance Agency, which is a separate but affiliated entity.