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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Senior health care planning is key to avoid financial ruin

  • In a decade, the number of older adults will outnumber kids for the first time in U.S. history.
  • With that, we’ll see a surge in long-term healthcare needs, but costs will overwhelm most people..
  • That’s why experts say people need to plan now before it’s too late and end up in financial ruin.

Have you had “the talk” with the older adults in your life?  

No, not the one about the birds and the bees. The one about long-term health care plans. 

If you haven’t gone there, you really need to or you’ll risk financial ruin and a poor end-of-life experience for a loved one, experts warn. 

In a decade, older adults are projected to outnumber children for the first time in U.S. history, according to the Census Bureau. There will be 77 million people ages 65 and older in 2034, compared with 76.5 million under 18, it said. By

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