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Business continuity plan

 

A business continuity plan is most often associated with technology, but that’s not the only scenario in which a plan to keep the business afloat is helpful.

As you plan for retirement and other financial goals, make sure your assets, business and employees are protected from adverse events of all kinds. Here are just a few of the contingencies you need to include as you finalize your retirement financial plan.

Why is a business continuity plan important?

When you’re planning for retirement, you’re naturally planning to transition your business to new management. While a business continuity plan could include contingencies for crises and other unforeseen disruptions, your retirement transition—and exit strategy—is one disruption you know about in advance. It makes sense to protect your assets and your employees well before your retirement transition begins.

Complete a business valuation

Know how much you can expect from the sale of your business, if your retirement will be funded in part by that sale. If your exit strategy involves a merger or other means of handing over the reins, you’ll still need to know exactly how much your business is worth.

Identify all stakeholders

Conduct a regulatory review of your business as you begin crafting your plan. Identify key stakeholders without and within your company and clarify your understanding of who you’ll need to communicate with during your retirement transition period.

Conduct a risk assessment

Like all business continuity plans, your retirement BCP should include the identification of potential disruptions and the likelihood that they’ll derail business operations. Create a transition timeline and plan that takes these possible roadblocks into account.

Include a Business Impact Analysis (BIA)

Bring your internal key players into a fact-finding discussion to learn what they require and what concerns they might have about your business continuity plan. You might gain valuable insight into current or potential issues you’ll need to include in your risk assessment and strategy.

Develop a strategy and timeline for implementation

Your retirement timeline isn’t a mystery, so it’s time to figure out now how you’ll prepare for your transition out of the day-to-day management of your business. Bring all the pieces together to develop a timeline and trigger date or event for implementation.

Plan your stakeholder communications in advance

Craft communications and plan meetings that are stakeholder-specific and help keep things running as you step out of your leadership role. Your business will continue to run efficiently and with a full staff if you keep your people informed and reassured that your business continuity plan has accounted for all contingencies.

Still have questions? We can help.

Contact your financial advisor today to make sure your retirement plan includes a business continuity plan to protect what could be a significant part of your overall retirement strategy. At Good Life Asset Strategies, we’re prepared to answer any questions you have or help you find the answers. We’re here to serve your best interests, and that includes making sure the business you’ve worked so hard to build continues to serve your goals throughout your preparation for the post-retirement good life.

 

 

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