Finseca: Three Steps Small Business Owners Should Be Taking This Valentine's Day

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Feb 11, 2022, 11:22 ET

WASHINGTON, Feb. 11, 2022 /PRNewswire/ -- Small businesses in the U.S. employ more than 61 million employees, and they are the lifeblood of so many small towns across the country. Despite this, only one-third (34%) of US family businesses say they have a robust succession plan in place.

This Valentine's Day, to illustrate their true love and commitment to their employees, Finseca is encouraging all small business owners to take three key steps to ensure their business is prepared for the future.

Start the conversation. Small business owners should be thinking about both a near-term continuity plan as well as a long-term succession plan. A long-term succession plan should include management succession, ownership transfer, and key employee retention.
Align the ownership personal financial plans with the business succession plan. Most of the net worth of a business owner lies within the business, so the succession, retirement, and estate plans should all be integrated and aligned.
Sit down with a financial security professional and take the first step. Not everything has to be done at once, but ensure that the business will survive in case of the disability or death of an owner. Preserving the business, maximizing its value, and minimizing its transfer taxes, among many other things, are all possible with a plan. Small business owners need to know their options and should have a professional on their side.

Again, this Valentine's Day, small business owners can ensure their employees and their business are feeling loved – it starts with a comprehensive succession plan.

About Finseca
At Finseca, we know that financial security improves people's lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.

SOURCE Finseca