Wade Law Blog

Business Planning Reviews

Sep 14, 2011| BY: Wade Law Offices

In this article, we would like you to consider holding a planning review for your business. In holding a planning review, you may want to consider incorporating some of the following ideas into your review:

First, make an agenda. It will help you to keep focused on the purpose behind the planning review.

Second, prepare a progress report for the business. Ask yourself: How is your business doing? What successes have you experienced in the past year? What challenges have you encountered?

Third, consider the following question: “If you aren’t here to continue to grow your business, who takes over for you?” If there are other owners in the business, then this might be a good time to discuss establishing a buy-sell agreement.

Fourth, consider when you last reviewed your agreements with your business partners. Usually, these agreements need adjusting due to the value of the business changing, tax laws, and other issues.

Fifth, review your estate planning. For a business owner, creating a Revocable Living Trust (RLT) as a planning strategy is an absolute must.

Business Planning

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