Someday you’re going to exit your business – there’s no getting around that fact, whether it’s planned or unplanned. So what can you do today to help ensure your business survives for the next generation and beyond? Fiduciary Financial Partners’ Nick Economos speaks to the need for succession planning now in order to positively impact the financial success of your business.
In this first video, Nick talks about the personal wake-up call that caused him to get a laser-focused perspective on having a long-term plan for his business and family.
In part 2, Nick dives deeper into the many levels of protection that succession planning offers as your business evolves or for unplanned events such as divorce or an owner’s sudden disability. He also addresses the 3 key components to effective planning that can help you understand the real value of the business, protect key employees and preserve the kind of lifestyle you want today and tomorrow. Plus, you’ll discover why depending solely on the business to fund your retirement may not be the very best strategy.
Do you genuinely know what your business is worth? If you’re like many business owners, the answer is no. In part 3, Nick reveals the risk that occurs when owners fail to keep their business valuations up-to-date. Nick also outlines the key aspects of properly structured buy-sell agreements, the primary triggers that agreements need to address and the top potential sources of funding to consider.
There are many advantages of a strong succession plan, from clarity and peace of mind to a plan that more accurately reflects the company you have today, not solely the one you began many years ago. Nick addresses all of these advantages and then some in the conclusion of our 4-part video series on the topic of succession planning.
What are the next logical steps you should take from here? Keep the momentum going by speaking with Nick and the rest of our team at Fiduciary Financial Partners to set the proper priorities designed around your life. For more information on succession planning around your professional and personal goals, confidently embrace your financial future with FFP today at 630.780.1534.
Fiduciary Financial Partners, LLC is a Registered Investment Adviser. This blog post is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Fiduciary Financial Partners, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Fiduciary Financial Partners, LLC unless a client service agreement is in place.