Business Succession Planning
How can Katz Financial help the future of my business when I'm no longer in charge?
What and Who Comes Next?
Many businesses do not think past the near future and thus do not survive into the next generation. How will your business survive when you’re no longer around? Who will take over if the CEO is suddenly unable to function? What if there is a big lawsuit? What if the unthinkable happens, such as a terminal illness or horrific accident? Are your assets protected?
Can your company withstand this or other unexpected challenges? How will the bills be paid while the crisis is being sorted out?
Your Business Lives on
Katz Financial succession planning ensures that personal disasters–illness, accident or death–do not spell the demise your company. The best time to begin planning succession, whether it’s to be a sale or handed down heirs, is while the current CEO is far from retirement.
In advance, we’ll help you determine who will take over the business reins and make sure they are trained effectively over time. We’ll also see that the legal structure of the business is appropriate to your needs, review your liability coverage on a regular basis and set up key employee insurance to cover sudden departure of critical managers.
Business Succession Continuity Planning
A business without a business succession or continuity plan is like an army going to war without back up plans in case the first plan does not work. To use sports as a metaphor, baseball teams are allowed to have 25 players on their active rosters. This is true even though baseball teams have only 9 players that take the field at any one time. Back up plans which in baseballs case are extra players that teams carry as back-ups, should any player get hurt, or is not performing, etc.
In a business when the leader dies or becomes disabled, who is the next person up? Without a well-designed and properly funded business succession and continuity plan, even a good business can be at the risk of not surviving, in a short time.
This risk is a bad gamble for the business owner and their families who depend on them.
That is why we do what we do.