​Are you a small-business owner? Do you have a succession plan? If the answer is no, you’re not alone. A recent study from Nationwide found that 60 percent of small-business owners don’t have a succession plan. Among those without one, nearly half said they don’t have a plan because they believe such a plan isn’t necessary.1
 
While a succession plan may not seem necessary, the truth is that you could be exposing your business, employees and family to significant risk if you don’t have one. A business succession plan is a document that creates an orderly transition between you and the next owner.

A succession plan protects your business, employees and family. It also helps you realize maximum value for your business and even retain some form of control or financial involvement. The plan can help you identify the right successor and transition the business without disrupting operations or cash flow.

​Don’t have life insurance? Or worried that you don’t have enough? You’re not the only one. According to a recent study from InsuranceQuotes, 40 percent of Americans don’t have life insurance coverage.1 Even among those who have insurance, many don’t know if they have the correct amount.
 
Risk management is a core component in any financial strategy. It’s hard to save for long-term goals if you haven’t protected yourself against catastrophic risk. There may be no greater financial risk than the death of a parent, spouse or financial provider. While you may not feel like you will pass away soon, unexpected death does happen. And it often creates sizable financial challenges for the deceased’s spouse, children and other loved ones. Life insurance helps you minimize that risk.
 
If you’re unsure about your coverage, now may be the right time to reassess your protection. Below are a few tips to help you estimate your life insurance need. You also may want to meet with a financial professional to help you develop a life insurance protection strategy specifically for your needs and goals.