Sam Brownell, CFA, CVA, is the founder of Stratus Wealth Advisors. Sam specializes in financial planning and retirement planning for small businesses, as well as succession and exit planning and business valuation.
"If small businesses don’t have a formal succession plan in place, they need to. They shouldn’t just assume that they will pass the business on to their children or be able to easily find a third-party buyer," says Sam Brownell, founder of Stratus Wealth Advisors in Kensington, Md.7 September 2021
"Business owners should also make sure legal documents such as buy-sell agreements and operating agreements have been updated to reflect the potential for disability, death, divorce, or a forced early retirement. Owners should also review and update, as necessary, personal estate documents, such as wills, trusts and powers of attorney," says Sam Brownell of Stratus Wealth Advisors.7 September 2021