The Benefits of Business Continuity Planning with Jim Erben
Aug 15, 2023Planning for the future of our business is something that we all have probably considered, but often push off as unnecessary or unimportant. This may be because you are young and healthy, or because you don't expect your business to become your primary asset as you age. Either way, life is unpredictable and we never know what can happen. For this reason, it is essential to have a plan in place for your business in case something happens to you as the owner, to protect not only your business but also your family and personal assets.
Jim Erben joins me today to discuss the importance of having a plan, and how to get started. As an international speaker, Jim shares his 30+ years of experience with thousands of business leaders annually. He is well-known for his straightforward approach to succession or exit planning, business continuity, and executive retention. Jim’s proprietary process helps business owners navigate the complexities of succession and exit planning to help create an everlasting legacy.
The key takeaways from this episode are:
1. Having a plan for your business's future is crucial to protect it, your family, and personal assets in case of unforeseen events.
2. Jim Erben, with 30+ years of experience, shares insights on succession planning, exit planning, and business continuity.
3. Learn about the major reasons for seeking succession planning, when to start planning, and the essential elements that should be part of a good succession plan.
What you’ll hear in this episode:
[3:15] What are some of the major reasons that people seek out succession planning?
[5:28] What is entailed in exit planning, continuity planning, and succession planning?
[11:22] Is there such a thing as “too soon” to begin planning?
[12:56] What can possibly happen if there is no plan in place and something happens to the owner?
[17:07] What are the core elements that must be part of a good succession plan?
[20:45] How do you initiate proper future planning in your business?
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Will Artificial Intelligence Become Your Accountant?
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Resources:
Connect with Jim:
Tactical Resources:
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash
Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide
CFO Power Session: Text POWER to 860-609-6374
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Additional Resources & Connect with Shannon:
Find everything you need at https://www.keepwhatyouearn.com
Questions about this episode? Text me! https://my.community.com/shannonweinsteincpa
Hire us: https://www.fitnancialsolutions.com/accounting
Find me on IG: https://www.instagram.com/shannonkweinstein/
Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
