Why Avoiding Conversation Will Cost Your Business Later
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Adam Tau, financial adviser in NYC, discusses one of the most important conversations to have with your financial team regarding your business and why it's crucial to your success that you have it.
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Why Avoiding Conversation Will Cost Your Business Later
- 1. WHY AVOIDING THIS CONVERSATION WILL COST YOUR BUSINESS LATER Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB | 1895 Walt Whitman Road Melville, NY 11747 | 631.420.4242.
- 2. TALKING ABOUT IT NOW CAN ONLY HELP LATER Think back to the most important conversations in your life. Is a meeting with your financial advisor on that list? It really should be! Let me tell you why. There are so many unknown factors you don't control that can permanently affect the success of a business. When you’re putting it all on the line, it is more important than ever to minimize the risk to you and your family in every way possible. That’s where your financial advisor comes in! No one wants to imagine the worst case scenario, but meeting with an advisor to assess risk can ensure that you never have to live it.
- 3. WHAT IF YOU CAN'T RETIRE? Many business owners rely on the sale of their business to support their retirement. It’s a great plan in concept. Unfortunately, it comes with many risks of its own. How can you ensure there will be a qualified, interested buyer at the same time that you’re ready to retire? What if your industry becomes less in-demand when you try to sell? What if the best offer just isn’t high enough? Simply planning to sell when you’re ready means leaving a lot of up to chance and accepting unnecessary risk. Your financial advisor can help you put a timeline or succession plan in place.
- 4. WHAT IF YOU CAN'T WORK? If you become ill and unable to work, or, worse yet, if you or a key member of your organization passes away, what will happen to your business? What about your employees? Your family? Your financial advisor will help you develop important contingency plans for keeping your business running and providing your family with all they are entitled to — especially those who are dependent on your business’ income.
- 5. WHAT IF THERE'S A NATURAL DISASTER? Remember Hurricane Sandy? One day coastal restaurants and merchants were flourishing, and the next, countless family-owned businesses were devastated. Even mundane disasters can be just as destructive. If your business needs to close, you may still have bills to cover. No one sees it coming, which is exactly why every business needs a backup plan in case of a hurricane or even your neighbor's negligence.
- 6. WHAT IF YOU GET SUED? Not even the most well-intentioned, integrity-filled small business is safe from a lawsuit. If your business is sued, will your personal assets be in danger? If they are protected, what percentage of your business assets are at risk? A lawsuit has the potential to close your doors for good. If you are ever faced with the financial and emotional strain of a lawsuit, you should at least be able to rest easy in the knowledge that the well-being of your family and your business are protected.
- 7. FOR MORE, PLEASE VISIT: ADAMTAU.COM Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB | 1895 Walt Whitman Road Melville, NY 11747 | 631.420.4242.