Why Your Business Is At Risk Without A Succession Plan

Daniel M. Machnik is the owner of Willis & Machnik Financial Services, an affiliate of Avantax Wealth Management.

When you’re building a small business, your time is precious. You’re focused on the right now—payroll, inventory, talent, operations, debt and profit. There’s often little time left to think about the long-term future of your business and who will run it when you’re gone. But your work deserves protection and a path to the future, and a succession plan is the first step to get there.

Why does it matter?

To me there are few things more tragic than a business owner with no succession plan. After you’ve poured yourself into building a dream, what happens to your hard work if you’re in an accident, suddenly become ill or simply want to retire? Without a succession plan, your life’s work can have a “permanently closed” sign on the door in

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10 Tips for Managing Small Business Finances

  • Properly managing your finances stabilizes your company and makes your business less likely to fail.
  • To manage your company’s finances, make sure to pay yourself, keep good credit, monitor your books and plan ahead.
  • Debt funding for small businesses means interest alongside repayments, while equity funding excludes interest but may come with less control over your company affairs.
  • This article is for business owners who are looking for advice on how to manage company finances.

Often, your small business is successful because of your expertise in making your product or providing your service. Unfortunately, you might not be an expert at the other important parts of running a business, such as managing finances. If you don’t have a lot of experience with managing business finances, it can be a challenge, but it’s also crucial to the survival of your business. Here’s how to establish responsible financial habits that put your

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