In part 1 of this blog series we talked about how succession plan is especially important if you want your business to continue well beyond your career or your lifetime. It also matters if you need to monetize your investment by selling the business in future. The first step is to figure out what you want for and from your business in the long term.
Building a business is kind of like being a parent. You start with an infant enterprise that needs constant attention and often deprives you of sleep, absorbs a big chunk of your savings, and pushes all of your hobbies to the back burner. You foster it through various stages of growth, including some rocky times, and help it stand on its own. Eventually, you may rely on it to carry on your legacy and take care of you financially.
We hear all the time that spreading our portfolios' holdings across many asset classes is the best defense against losses when the bears hit Wall Street. But as a business owner, there is a good chance that your diversification strategy may not work as you intended. Here's why.
