Start succession planning early
Many business founders consider themselves irreplaceable; this is a problem especially if it's true. Succession planning is a complex task. It requires identifying talented relatives; guiding and training them for leadership; documenting processes and practices; preparing legal documentation; and much more. An illness or accident could require a son or daughter to take over the business years earlier than anyone expected. Preparing them early can minimize the chance that this will lead to the demise of your business.
Key person insurance is a special type of life insurance where the beneficiary isn't a person but instead is your business. Most family-owned businesses rely tremendously on the efforts of one or two individuals. If one should die unexpectedly, it could be catastrophic for the business. The proceeds from a key person policy can be used to cover the costs of transition such as hiring new staff, contracting consultants, softening the blow of lost sales and more.
Latino immigrant entrepreneurs tend to start businesses that serve
their own community. This makes sense since it's a market they
understand, language barriers may limit access to other opportunities
and they have a natural network of customers and suppliers within their community. While this may make the launch of the business a