To start with, let's define the term "Contingency Planning."
2 min read
Contingency Planning - A key to acquisition success?!
By David Grau Jr. on Jan 31, 2024 12:01:32 PM
Topics: Contingency Solutions
4 min read
Five Myths in Succession Planning that Lead to Mistakes
By David Grau Jr. on Jul 30, 2020 8:00:54 AM
As most business owners will attest to, starting and running a business involves a combination of conviction/passion, perseverance, stress and personal sacrifice. Owners invest a significant amount of themselves and capital into running these businesses, and as a result, most have a substantial portion of their net worth tied up in their business. The vast majority of owners/founders we've worked with here at Succession Resource Group have communicated that their business is not just a valuable asset, but their most valuable asset. So, why do so few owners have an answer for their key stakeholders about when they will retire from their business and who will succeed them? Many Financial Advisors make preventable mistakes in succession planning because of common myths giving them a sense that they can deal with this topic tomorrow. Here are the most commonly believed succession planning myths that hold business owners back from effectively tackling this important topic:
Topics: Contingency Solutions
2 min read
Best Practices: Creating a Business Death/Disability Plan
By David Grau Jr. on Mar 5, 2020 2:34:29 PM
What would happen to your business, your clients and the value of the company, if something where to happen to you suddenly? Do you have a plan and systems in place to ensure your business will carry on until you return? Or, a plan to ensure the business continues under someone else’s leadership if you cannot return?
Topics: Contingency Solutions
5 min read
Contingency Planning FAQ
By David Grau Jr. on May 3, 2016 9:00:17 AM
What is a contingency plan?
A contingency plan is an agreement between two or more advisors designed to protect your business in case of your death, disability (temporary or permanent), loss of license, and possibly even retirement (although most plans do not deal with succession planning). There are a variety of plan types to solve for these issues: