For so many business owners, there’s plenty to think about at any time, day or night. How can I attract the best people? What if I get sick or hurt? How will I exit from my business?
These questions can weigh heavily on your mind. As your business evolves, an integrated approach to planning can help put your mind at ease.
When starting out, you need strategies in place to protect your ability to earn an income, especially if you suffer a serious illness or injury and can’t work. But you also need to have strategies to retain and protect against the unexpected loss of your key employees.
As your business grows, your plan should evolve with you to focus on your changing needs, such as:
- Establishing a cost-effective benefit package to attract and retain talented employees,
- Offering additional incentives to reward your key employees,
- And creating a contingency plan if something happens to you.
As you find success and your company matures, we’ll help you take the time to develop a plan for exiting. We’ll also help you understand the value of your business—as an asset that is part of your overall financial plan.
And when the time comes, we’ll be there to help you put your exit plan in motion and successfully transition out of your business.
No matter where your business is in its life cycle, Northwestern Mutual recognizes that the goals you have for your business and personal life are intertwined. That’s why we offer an integrated approach to financial planning—where you’re supported by a team of experts who specialize in business planning and who work closely with your other advisors, such as your accountant or attorney, to help manage the full scope of your needs and goals.
Because at Northwestern Mutual, we believe that the broadest picture of your financial life will deliver the clearest view to your success—in business and in life.