As I said last week in Risky Business: part 1, we will now compare two fictional businesses in the same industry. Whilst these two businesses have the same turnover and profit, they have vastly different risk profiles.
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Just like no two individual people are the same, no two businesses are the same.
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You may recall that in my previous blogs, I mentioned that most small and medium business owners were depending on the sale of their business to fund their retirement.
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I asked you a simple but very important question in part 1 and part 2 of this series about business succession planning. You need to ask yourself this question now if you own a small business.
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Well, in the words of Stephen Covey (7 habits of highly effective people) , begin with the end in mind:
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