How do I protect my family from business risk?

Having a life insurance funded buy-sell agreement is one of the cleanest ways to handle the business if something were to happen to you. This would reduce some complexity by getting your family life insurance proceeds instead of business equity.
Thinking about handling potential loss of income, the simple answer is to build up savings. Another approach would be to purposefully work to reduce risk areas like customer concentration, product quality consistency, employee training, etc.
We like when owners are aware that their financial picture has different things to worry about than a W2 employee. The worst type of risk is risk that you are not aware of. By knowing where risk lies in your financial picture, we are able to attack potential problem areas.

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