Business Continuation Planning Niche

[Cash]

I think it's a great market to slowly expand into with a lot of potential. Stats show fewer than 1 in 3 family owned businesses maintain operations into a second generation, and just 1 in 10 survive to a third generation - mainly because they don't have a succession plan in place and need your help to get them to tackle it. They can't just rely on selling their business - only about 30% of businesses put up for sale ever actually get sold.

Below is a link to an article on getting into succession planning by Paul LaPiana, SVP of Individual Distribution at MetLife, that ran in Life Insurance Selling a little while back. I still remember this analogy from it:

It’s helpful to think of the business owner’s situation as being similar to that of a couple that has recently purchased a century-old home. Immediately fixing every blemish the home inspector caught is not only too intimidating, it might be a waste of time and resources. Instead, it’s important to take one step at a time, identify the priorities and then tackle the challenges. Start by fixing the plumbing. Once corrected, the next task can be accomplished with even greater confidence. The same is true for helping business owners — find out what part of the overall structure needs the most support and start building from there.

Are you asking the right succession planning questions? | LifeHealthPro

Good article. I like that analogy. There are so many parts to business planning that it can get to be overwhelming. And we know that a confused prospects don't tend to buy.