Business owners face myriad challenges in the operation of a business on a daily basis. Indeed, not only must owners constantly think about the now of a business, but must also make plans for a business’ future. At Harvest Financial Planning, LLC, we can help you to understand business continuation agreements and business continuity plans, both of which are designed to ensure that the business stays afloat, and has a plan of action in place, if unexpected events are to occur.
Our business planning financial professionals guide your business through the creation of a sound business continuation agreement, which is a plan that outlines what should happen to your business should you (the owner) suddenly and unexpectedly die, or if the owner wants to leave the company earlier than originally planned. Business continuation agreements typically include buy-sell or buyout agreements. Essentially, these agreements work in a manner similar to prenuptial agreements – they outline what should happen in the event of a separation between owners. Your agreement should contain four points, which our team will help you to address:
Having a business continuation plan/buy-sell agreement in place may sound like something you don’t need, but can prove to be very helpful for everyone involved in the event that something does happen.
Another aspect of planning for unexpected events is called business continuity planning. Business continuity planning recognizes that there are events that can disrupt a business’ operations, success, and profits, and seeks to mitigate the worst effects of those events. For example, business continuity plans should address what your business would do in the event of a natural disaster, crisis (such as terrorist attack, death of a CEO, or major hack), and more. A continuity plan also accounts for things like risk financing and operational risk.
Planning for the future and potential risks–especially when those risks are unknown and beyond your control–can feel overwhelming. Our team is here to guide you through putting together a comprehensive business continuity plan that is not only effective, but flexible in meeting your company’s needs.
Part of being a smart, well-prepared business owner is having a plan in place should something go wrong. When you contact Harvest Financial Planning, LLC, we perform a comprehensive analysis of your business and determine all potential risks that your company faces. Then, we work with you to develop a business continuation plan that addresses everything from what your company will do in the event of a natural disaster to what will happen if you suffer a health emergency. Our services are tailored to your business and your personal needs.
To learn more about planning for business continuation, please call our business financial planning firm to schedule an appointment today. You can reach our Schererville office at 219-864-5050.
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