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Mid-Year Business Check-Up Tip No. 11: June 22, 2011

Posted by Arieh M. Flemenbaum in Business, Business best practices, business planning, Business succession - exit, Chicago Business, Legal Information.
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To help you complete a check-up and strategic mid-year planning for your business, we will publish helpful tips and ideas through the end of the month. This tip is part of our ongoing series.

Business Check-up Tip No. 11:

Complete or update your business succession plan and have an exit strategy. Too many businesses suddenly collapse because they have no plan in place to deal with a sudden loss of leadership and/or the financial strain of loosing an owner (or key employee). Will your business be able to carry on if you (or another key employee) suddenly were injured, incapacitated or died?

Every business should have a succession plan/exit strategy. Be sure to groom a successor – who knows how to run your business in your absence. Buy life insurance and/or key man insurance for yourself (as the business owner) and for all of your key employees. The money can help “rent” a director or “buy” management expertise while your successor tries to get your business back on track.

Check for updates every week day through July 1st.

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For information on how the business lawyers at Griffith & Jacobson, LLC can help your business grow, contact Arieh M. Flemenbaum at 312-236-8110 or by email at Contact Us (http://www.gjlaw.com/contact).

Griffith & Jacobson, LLC – We know business – Chicago’s Business Lawyers.
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