Written by Craft Breweries – Part 4 of 5
Your Craft Brewery may be your largest and most important asset. It also might be the primary source of income supporting your family’s lifestyle and the causes you care about. Everyday you go to do your work you are focused on surviving and thriving and creating success as you define it. Unfortunately most Craft Brewery owners have not taken the steps to protect the value of their brewery and the income the brewery generates. For businesses in general 70% do not have written plans and 50% are underinsured. It is most likely a greater problem in the Craft Brewing Industry.
Are you prepared? Is your family and your business protected if something happens to you, a partner or a key employee? This is a question you should ask yourself and then decide if not being prepared and protected is a big enough problem for you to do something about it. It should be but it still is your decision.
Protect what you have built today with a succession plan coupled with your personal estate plan. Make sure you are doing what it takes to keep your key people. This is the foundation for protecting your personal assets and ultimately for building your retirement plan.
Coming in the final segment, part 5 – The Next Generation