What every entrepreneur’s business plan should consider
For any entrepreneur, owning your own business is something you’ve always dreamed of. And to have the opportunity to achieve that goal with your best friend (and in this case, brother) is the cherry on top of the sundae. What you don’t plan for is to watch that sundae melt away on the sidewalk outside your office.
Bob and Greg are brothers, and have always been the best of friends. As little boys they covered for each other when one was in trouble, and as grown men they supported each other through marriage and children. When Bob and Greg found themselves in a position to run their own seasonal business the choice was easy. They did it.
Several years into running their business, Greg had a stroke. He was 41. The stroke caused Greg to lose function in the right side of his body. Family first, Bob stepped up to run the business by himself so Greg could take the time he needed to heal. What neither Bob nor Greg realized was the pressure and guilt both would feel — Bob, running the business without Greg, and Greg, leaving Bob to do all the work.
When we are young and healthy we don’t think about the affect our health can have on our family and our business. Part of what we should do as business owners is to hope for the best but plan for the worst.
Through a comprehensive financial planning process, you’re able to walk through the “what-ifs” of your life and business. It’s important to do your due diligence and find out “what does it look like if I’m not here?” Financial professionals can walk you through the buy-sell agreement, key-person insurance, and the succession plan to identify strengths, weaknesses, and opportunities, and ultimately help make sure the plans in place really work as you intended.
This stuff really happens. I don’t share this to only point out the bad, but to point out what can happen if you don’t at least consider and plan for it.
Nathan Brinkman is a registered representative of and offers securities, investment advisory, and financial planning services through MML Investors Services, LLC. Member SIPC 525 Junction Road, Suite 8100 North, Madison, WI 53717 (608) 829-0015. Triumph Wealth Management is not an affiliate or subsidiary of MML Investors Services, LLC, or its affiliated companies. CRN201805-201952
Click here to sign up for the free IB ezine – your twice-weekly resource for local business news, analysis, voices, and the names you need to know. If you are not already a subscriber to In Business magazine, be sure to sign up for our monthly print edition here.