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I just returned from the American Society of Safety Professional’s (ASSP) annual conference in New Orleans. It was a massive event with over 5,000 people in attendance. The conference included a great exhibit hall with 200+ exhibitors from around the globe. The speakers and breakout sessions were great, which brings me to the reason for this blog post.

Exit planning is complex. Between establishing your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate taxes, and keep your key employees happy enough to stick around, just to name a few tasks. With so many considerations and activities surrounding your business exit, it's smart to consider creating an advisor team.

Planning for major events often falls victim to procrastination. Whether it’s planning your next career move, a long vacation, or your business exit, it’s easy to put off progress, thinking you'll wait until you have more free time. While planning a business exit should never take over your entire life, once you've decided on your exit goals, you'll see greater success when you keep your momentum going instead of stopping and starting your activities.

Through my work as a business advisor, I've seen firsthand that business owners have plenty to do. You're running your business, taking care of your home and family, and trying to attend to other responsibilities. Often, this existing to-do list is the reason business owners give for not pursuing exit planning. You may be unsure if it can help address important issues without taking up the little time you have remaining.

Laura Paredez, Director of Business Services for Hill Country Pain Associates (HCPA), manages the day-to-day operations and activities, and ensures that the business is run financially sound. In her role, Laura oversees all matters from vendor management to payroll administration. With a practice of 27 full-time employees and one part-time employee, HCPA brings with it its own set of employee considerations, of which by no means falls short of HR-related inquiries.

Imagine building your business over several decades, starting to plan your business exit, then dying unexpectedly before you can implement your plans. Business owners rarely think about how an unexpected death or permanent disability can derail even the most carefully created plans. When you think about it, this makes sense: if you were always worried about what could go wrong, you probably never would have started your business in the first place.

Workers’ compensation is a state-regulated insurance program that helps people with work-related injuries and illnesses. Employees covered by workers’ compensation get medical care to treat their injuries and illnesses.

Protecting your organization is expensive. Leaders are encouraged and sometimes even compelled to provide additional resources to counter threats. As the cost of data breaches rise, regulators and your customers and business partners demand you to protect data you control. In turn, you require your vendors to protect your data. Is substantial investment sustainable and the only response to growing information security risk?

In the wake of Harvey’s punishing blow to the Texas Coast, victims of this record-breaking storm have just begun to comprehend the impact winds and flood waters will have on their ability to recover and rebuild. With initial assessment of damages at $30+ billion, costs can only be described as catastrophic. FEMA is predicting they will reside in Houston for years with the real scope and magnitude of Harvey continuing to unfold with each passing day.

In 2016, the American Institute of CPAs (AICPA) published a survey conducted by the Private Companies Practice Section (PCPS) and Succession Institute LLC. In the report, the PCPS states that less than 10% of sole proprietors and only half of multi-owner firms have a business transition plan in place. Whether you feel ready or not a business transition plan can safeguard your business and give you the power to create a smooth path for your successors. The more thorough your plan, the better.