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