There will come a morning when you get up, look at the sunrise and say, “I’m done.”
When you are ready to move to the next stage of your life—without your label or print business—it helps if you have already planned what comes next. I know what you’re thinking. “Of course I’ll plan everything out!”
Of course you will. However, sometimes unforeseen circumstances force you to leave your business long before you expect.
Would you be prepared if you experienced a major health issue? The death of a spouse? A business partner’s betrayal? The loss of a key employee? We’ve got you covered; take action now, before the unexpected happens.
7 Proactive Steps to Prepare for Sudden & Unexpected Change in Your Business:
- Get a business valuation even if you have no immediate plans to sell or transfer.
- Get a valuation for all real estate the company owns.
- Assemble and meet with your dream team of advisers (investment banker, estate attorney, wealth adviser, CPA, etc.).
- Increase your emergency line of credit and negotiate the terms.
- Review your life insurance policy.
- Make sure business and employment taxes are paid and up to date.
- Hire, train, and promote a trustworthy second-in-command who can run the business, sign checks, and access cash in an emergency.
Wise business owners stay prepared even if they are 30 years from retirement.
Wise business owners stay prepared even if they are 30 years from retirement. Click To TweetTake time today to get your house in order so you can make better decisions when something unexpected happens.
The LaManna Consulting Group has a network of printing-industry experts who can help you prepare for sudden changes in your business. Read the blog, listen to our podcast, and subscribe to our YouTube channel. Have specific questions? Call us!