Life happens and things can change in the blink of an eye. If something unexpectedly happens to you, your business could be negatively impacted if you do not prepare ahead of time. This is why it is essential to have a contingency plan in place in the event of an emergency or worst-case scenario. Death, divorce, distress, disagreement or disability (known as the 5 Ds) are all major risks that are crucial to prepare and plan for. So, in this episode, Tom will be sharing how to effectively plan for the 5 Ds and what could happen to your business if you do not.
Listen in as Tom explains the importance of having a business plan in place to avoid an involuntary business exit and how to ensure you have the right plan in place for each contingency. You will learn what to put in your contingency letter, the benefit of reviewing this contingency letter frequently and how having this letter could help your family in the unlikely and unfortunate event that something happens to you.
Listen to the full episode:
What You’ll Learn:
- What the 5 Ds are.
- How many business exits are involuntary.
- The importance of having a business plan.
- How to protect yourself from the 5 Ds.
- What you should have in your contingency letter.
- The importance of updating and reviewing your contingency letter once a year.
Ideas Worth Sharing:
- “Your business deserves to have a business plan.” - Tom Poltersdorf
- “Creating contingency plans will help you prepare for any unplanned scenario and relieve your family and your team from trying to figure this out if something happens to you.” - Tom Poltersdorf
- “I’d encourage you to get a contingency plan down on paper and have it filed away somewhere that your team is made aware of.” - Tom Poltersdorf
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