Some of the most successful people are the ones who think with the end in mind. This tenant by Dr. Stephen Covey is an important concept for business owners and entrepreneurs to consider as they are starting their business; not just when they are approaching the end.
Business and Brewskies is a small business and entrepreneur focused monthly meeting where we present information relevant to small business owners. The Boone EDC’s June Business and Brewskies event hosted attorney Kent Frandsen with the lawfirm Parr Richey Frandsen Patterson Kruse LLP in Lebanon to address succession planning for small business owners.
Kent recommended business owners consider their own succession plans early in their business’ existence.
- What happens to the business when the owner is ready to sell?
- What happens if the owner or partner has an unexpected departure from the business?
- How is the business, and more importantly the business owner’s family, cared for after the business owner is gone?
All of these questions are ones that business owners should consider and have answered before they are more than 2 years into their business.
Kent encouraged business owners to talk regularly with their “team of advisors” – board members, attorneys, accountants, insurance agents, or seasoned business professionals to help them form the best plans early on. There are many different tools available to business owners, however, business owners need to find the best fits for their particular situation.
Ben Worrell is the Deputy Director and small business contact for the Boone EDC. For more information on Business and Brewskies events, small business resources, or other events happening in Boone County, please connect with the Boone EDC via Facebook, Twitter or Instagram or visit our website.
The next Business and Brewskies event is Thursday, July 19. Find out more here.