Hello, everyone. I’m really happy to share my experience from a special morning at Hotel La Rose. I joined a group of business owners led by Vistage Group Leader, Bill Vick. We all were thinking about something Benjamin Franklin said:
“Not planning is like planning to fail.“
I’m a Certified Exit Planning Advisor and Wealth Strategist, and I talked about something important but often forgotten in business – the “5 Ds.” All business owners will indeed leave their business one day, but half of them will leave not by choice. These unplanned exits can really affect a business.
We talked about the “5 Ds” – Death, Disability, Divorce, Disagreement, and Distress. These are big problems that can happen suddenly. Our conversation was about how these can hurt a business and ways to protect against them. A big part of this is having a good Buy-Sell agreement.
We looked at how to set up these agreements, focusing on how to fund them. Things like managing money, saving, handling debts, and using insurance are key. It was great to have deep and smart questions from successful business owners.
What should we remember? Being ready for anything is very important. It’s not just about making plans to succeed, but also about being prepared for unexpected challenges. In the journey of owning a business, remember – good planning is your shield against failure.