Does your business have a succession plan? Is this documented somewhere in your office and is there a clear plan of when other team members will be trained into their new leadership roles?
Many different business and economic challenges were presented due to Covid-19, but a new study has found that many small business owners have stayed firm in their retirement planning.
TD Wealth’s annual Retirement Readiness Study found that 85% of current business owners did not make any changes to their retirement planning strategy due to the pandemic, showing that business owners are committed to staying the course through economic volatility, although that could change in coming months.
Nearly 70% of business owners who participated in the study cited political or economic uncertainty when it comes to achieving their overall financial goals in addition to the 2020 election and the economic impact of the pandemic.
Nearly 90% of those business owners who participated in the study said that their revenues were impacted by Covid-19, with one quarter witnessing permanent or temporary closures and half reducing their operations.
Being able to pivot, adapt, and align your business strategy with an ever-changing market and continued uncertainty is not easy. Knowing that you have good advisors and a good support system in place can help improve your confidence going forward.
If you have questions about creating a business succession plan or discussing your decisions to navigate and pivot in these difficult times, scheduling a consultation with an experienced business succession planning lawyer can help to clarify many of the questions that you have.