WASHINGTON, November 21, 2022 /PRNewswire/ — There are 32.5 million small businesses in the US, accounting for 99.9 percent of all American businesses. They are the lifeblood of countless towns and cities across the country. However, some estimates suggest that 75 percent of small businesses do not have a strong succession plan.
This Thanksgiving, to illustrate their appreciation 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 think about both a short-term continuity plan and a long-term continuity plan. A long-term succession plan should include management succession, transfer of ownership and retention of key employees.
- Align the ownership’s personal financial plans with the business continuity plan. Most of a business owner’s net worth resides within the business, so succession, retirement, and estate plans must all be integrated and aligned.
- Sit down with a financial security professional and take the first step. Not everything needs to be done right away, but make sure the business survives in the event of an owner’s incapacity or death. Preserving the business, maximizing its value and minimizing transfer taxes, among many others, are all possible with a plan. Small business owners should know their options and 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 matter most. If you are a small business owner, take these steps today!
About Finseca
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future well-being. We are facing the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who are dedicated every day to the financial security of their clients.
SOURCE Finseca
