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Business continuation planning ensures that your business will continue if the unexpected happens. Incidents like loss of a partner, divorce, death or disability can quickly ruin your future business plans. Consider the following:
The key to a sound business continuation plan is a buy-sell agreement. Think of it as a formal exit strategy that ensures the smooth transition of your business.
1 Source: Social Security Administration, 2007
2 Source: Life and Health Insurance Foundation for Education, 2005
3 Source: "Don't Let a Weak Succession Plan Become a Wealth Destroyer." National Underwriter, 2007
4 Source: LIMRA, Affluent Small Business Owners, 2009