R. Shawn McBride recently spoke about the importance of protecting your business value. Here is the transcript: https://www.facebook.com/rshawnmcbridepublic/videos/1504052629626638/
Hey everyone. Shawn McBride here with you live. I wanna talk about how to protect your business value so that you can sleep well at night. This is a common issue we have with businesses. People don’t think ahead. What happens if something bad happens to you? What if you’re in an accident? What if you die, what happens?
Looking at what happens with most businesses is, you leave a mess for your loved ones. That’s the last thing we wanna do. We want to make sure that we find a way to do more to protect them. That means having a plan in place. It usually means building a robust management team. This can vary from being simple to complex depending on you, your business needs and what you’re doing. Some businesses don’t need a lot of additional structure. You add a board of directors, even a board of advisors with springy authority. You make some quick changes to your LLC agreement, or your corporate documents and you’re in business.
For other businesses it can be more complicated. But the important thing is we wanna give a lot of forethought to what it looks like if the owner’s not there. That applies particularly to single-owner businesses. On multi-owner business partnerships we have an additional layer of complexity because we have to plan for what might or might not happen to the partners. What happens if the partners go different directions? What if they have different views on life? What if they get in a disagreement?
We’d make sure we deal with the four Ds in every partnership: death, disability, divorce, disagreement. And we build for that. We want to do a little bit of planning, just a little bit of advanced planning is going to make a big difference on whether we do the things we need to do to grow our businesses.
I hope that’s helpful for you. I hope that gives you some food for thought. If I can help you in any way reach out. Subscribe to The McBride for Business YouTube channel and like the R Shawn McBride public page. Share this information to business partners you know that aren’t doing enough planning. Let them know there are options out there and things can be done to protect their loved ones. We don’t wanna cause an emergency situation. We wanna do great things for the business owners that work so hard for their businesses. I’m R Shawn McBride signing off. Let me know how I can help you.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Marina Avila.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com/3laws), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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