When you own a business, you have a lot to care for. While you’re busy juggling everything to keep the business going, you might be overlooking these five dangerous things that can leave you in a lurch should you one day face them. Instead of winging it, make a plan and prepare for the possibility of one of these five things: divorce, disability, distress, disagreement, and death.
You might not know when you’ll exit the business if one of these things come up, so make a transition plan now to protect what you’ve built.
Here’s what you’ll learn on today’s show:
- What are the five D’s that challenge business owners? (0:21)
- How can you better prepare? (4:30)
- What happens when a spouse inherits the business after a death? (8:20)
- Mailbag: What can we do about capital gains taxes before moving? (12:31)
- How you can others with charitable giving. (19:52)