A business owner can face many important decision as the business grows and starts to become profitable. One of the best ways to make an important decision is to prioritize it among all the various decisions that need to be made. Next, it is worthwhile to analyze what has been done about it and then take care of those decisions in the order that they have been prioritized.
One of the most important issues for a business owner to consider is what happens to the money that the business makes? If the owner dies, who gets the business and the money that it makes? Is there an exit plan and an estate plan to maximize the company’s value and the amount that can be passed on? As making money and growing long-term wealth are two of the key reasons to start a business, those are important issues to address.
Although the business owner is the most important person in the company, there are quality employees who make a contribution as well. Does the business have a plan to keep those people happy enough to stay with the company for the long-term? Outside of the compensation and wealth creation plan the owner makes for him or herself, a retention and compensation plan should also be developed for valuable employees to reward them for their efforts.
A business law attorney may be able to help a company owner mitigate or reduce the odds of a particular risk taking down the company. Business law attorneys may be able to help create and file business formation documents as well as providing assistance in reviewing financing options.
Source: Forbes, “A Simple Model For Business Planning“, Steve Parrish, August 18, 2014
Source: Forbes, “A Simple Model For Business Planning“, Steve Parrish, August 18, 2014
