Absolutely, yes. We recommend that any and all small business owners out there try and really approach some other colleagues and people that they know in the community to set up a board of advisers, to set up some other people that are familiar with your business, that can provide proper consultation, advice and counsel, in the event that you become incapacitated, or ultimately pass on.
You want that group of people, whether it’s two, three or five people, that can provide some input on what’s the best way to address your particular business, in the event of your incapacity?
Another great idea of the board of advisers is, they can give you an independent outside look on what you should be doing, maybe, in your own business, to make it more efficient, more profitable, more productive, and possibly, maybe even get it ready to be sold one day, to properly put those places in order.
The reason we bring up this particular topic is, is that part of your business secession planning includes the implementation of a board of advisers, a group of people that you can count on, that will help transition your business form today, through your exit strategy, whatever that may be.
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