In the middle ages when artists were classically trained you can notice skulls randomly placed in paintings. It is to remind the artist and us of fleeting nature of life and the inevitability of death. The Latin phrase Tempus Fugit Memento Mori translates as “Time Flies Remember Death”.
Business is no different. It ends one way or the other: We like to refer to them as the 5D’s: Death, Disagreement, Divorce, Disability, and Distress. No matter what one of these will come to pass and the wise man or woman owner recognizes it and plans. The rash owner, well they dont plan and the D’s dictate outcomes to them.
Business owners must for the sake of their family and employees and communities work to mitigate the issues that arise with the 5D’s. It starts with an assessment of your business as it stands today, Warts and all.
From there plans to address the issues at hand and either fix them or live with the consequences.
For more on business exit planning contact Tampa Business Broker Michael Shea at 321-287-0349.