In our latest episode of “Exit This Way,” our host, Michael Desiato, is joined by Senior Relationship Manager and seasoned expert, John Clidas, as they dive into a critical aspect of business planning – the ability to weather the 5Ds: divorce, disagreement, distress, death, and disability.
50% of business transitions are triggered by one of the 5Ds, making it imperative for business owners to plan for these scenarios. With 80-85% of a business owner's net worth often tied up in their business, failure to plan for these contingencies can result in the rapid loss of value.
Drawing on over 40 years of experience, John sheds light on the dimensions of business continuity planning. He stresses the significance of having a flexible and regularly reviewed plan, considering the family's well-being, the business's sustainability, and the owner's desires.
The conversation touches upon various planning aspects, including addressing the potential loss of financial capital and talent in case of death or disability. It also extends to the complexities of handling distress and disagreement.
While this is often a topic many owners might not want to talk about, it's imperative that you do. Let us all start that conversation with this episode.And remember, if you find this episode helpful, make sure to share it with others, subscribe, leave a 5-star review, and share it on your social media.
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