Planning for Business Risks: Divorce, Disagreement, Disability, Distress, and Death

Wealth-Building Made Simple · Nov 17, 2023 · 17m

Key Takeaways: Plan for potential risks in your business, such as divorce, partner disagreement, disability, distress, and death. Work with an attorney to create appropriate legal documents to address these risks. Regularly review and update agreements with partners to ensure alignment and avoid conflicts. Have disability insurance to cover loss of income in case of personal disability. Communicate well and quickly in times of financial distress and seek assistance from a strong team. Plan for the future by identifying successors and ensuring a smooth transition in the event of death…