Do you lack a succession plan for your small business? Don’t worry. You have company. A small-business survey from Nationwide found that half of respondents said they don’t have a succession plan. Among those without a plan, 47 percent said they didn’t think such a plan was necessary. An additional 22 percent said they didn’t have time or know how to proceed, while 11 percent said they didn’t have time.1
If you’re not nearing retirement, a succession plan may not seem like an urgent priority. However, a sound succession plan can be an important tool for any business owner, no matter your age. Your succession plan can help you make strategic long-term decisions so you can capture maximum value when it finally is time to exit your business. It can also protect your business and your family in the event of an emergency.
Not sure how to begin your succession planning? Below are a few tips to get you started. You’ve worked too hard to build your business to not fully benefit from its value when it comes time to exit.
The 2017 Insurance Barometer Study by Life Happens found that only 60 percent of respondents agreed that single parents of young children need life insurance. On the other hand, 82 percent of respondents said married couples with young children need life insurance protection.1
The difference in the survey results is confounding because single parents are often in greater need of life insurance protection than couples are. A single parent could be a child’s primary or even sole caretaker. If a single parent passes away, the child may have little financial support.
Life insurance minimizes that risk. The death benefit can be used to provide care and financial security for a child. If you’re a single parent without life insurance, now may be the time to examine your options. Below are a few tips to help you get started. Your financial professional can help you determine the correct amount and type of life insurance for your needs.