Day: November 17, 2024

Business

The Key to Building A Lasting Legacy Through Your Business

by CEO Weekly Staff

November 17, 2024

In the world of small business, creating a lasting legacy is about more than just profit margins and expansion—it's about ...

In the world of small business, creating a lasting legacy is about more than just profit margins and expansion—it's about establishing resilience, reliability, and relevance in the face of unexpected change. Unfortunately, a surprising 63% of small businesses lack any formal emergency plan, leaving them vulnerable to disruptions that can dismantle years of hard work overnight, according to data from SmallBusiness.com. This exact problem inspired Cloette Zager. After witnessing a fellow business owner’s losses due to COVID, she created FranGuardian to help protect small businesses in her community through business continuity plans. A business continuity plan (BCP) is a document that explains how to respond to emergencies, who is authorized and expected to act, how to carry out the essential duties that the business owner does for their business in their absence, key vendor information, and key personnel contact information. A robust business continuity plan provides a blueprint for sustaining daily operations during times of crisis, whether due to natural disasters, personal emergencies, or sudden market shifts. It ensures that employees, clients, and the surrounding community know they can rely on the business even in the face of challenges. This foundational security not only strengthens customer trust but also supports the long-term health and viability of the community. “At FranGuardian, our approach is specifically designed for the unique challenges of small businesses, especially those in the home services and caretaking sectors.” Cloette says. “We custom-fit solutions to client’s budgets and offer interim management to cover for clients when they go on vacation, become sick, or pass away. We can also help prepare a business for sale by creating documentation on business processes and best practices, and help connect them to local resources for financial and legal assistance.” The latter is an increasingly popular request as more Americans step into and out of the role of an entrepreneur. Starting a business may be easy, but selling a business and transferring ownership is a process that takes several months, and often extends into 1-2 years depending on the size and state of the business. “Most business owners prepare and provide over 20 different documents during the course of the sale. We can help gather data and prepare these documents, so that the process is less overwhelming for the business owner,” Cloette explains. The trend of business exits is expected to continue, with BuyBizSell reporting that more than a third (37%) of business owners say they plan to sell within two years. Teamshares also shared survey findings that indicated over two-thirds of small business owners plan to retire in the next two years. As for who will take their place, recent research indicates that Gen Z shows a significantly higher interest in entrepreneurship compared to previous generations, (93% of Gen-Zers have taken a step toward exploring business ownership according to ZenBusiness) and is already moving to fill many of the opportunities presented by this shifting marketplace. Cloette hopes that FranGuardian’s work will help the two parties meet at the same table, so that the wisdom of the past is not lost. “We work with business owners that have spent 10, 20, sometimes even 30 years running their business, and they have such great perspectives and insights. There is no reason to reinvent the wheel if the wheel is already working, and by having these dialogues, we can prevent others from making the same mistakes twice.” Sources: 63% of small businesses do not have an emergency plan in place. Small Business.Com, https://smallbusiness.com/operating/despite-a-decade-of-historic-disasters-only-37-of-small-businesses-have-a-formal-plan-for-disaster-preparation-recovery/ Over two-thirds of small business owners plan to retire in the next two years. Teamshares, https://www.teamshares.com/resources/succession-planning-statistics/ More than a third (37%) of business owners say they plan to sell within two years. BuyBizSell, https://www.bizbuysell.com/news/bizbuysell-2022-first-quarter-insight-report/ 93% of Gen-Zers have taken a step toward exploring business ownership. Forbes, https://www.forbes.com/sites/juliekratz/2024/03/03/what-gen-z-entrepreneurs-want/ and https://www.businesswire.com/news/home/20230614082058/en/New-ZenBusiness-Research-Finds-Class-of-2023-Sees-Neurodiversity-as-an-Asset-in-Leadership-is-Primed-to-be-the-Most-Entrepreneurial Published by: Holy Minoza

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