IS YOUR BUSINESS PREPARED FOR POTENTIAL DISRUPTIONS OR LEADERSHIP CHANGES? MAY 2023
Business continuity refers to the ability of a company to continue its operations even in the face of unexpected events or disruptions, such as natural disasters, cyber-attacks, or other crises. Business continuity planning involves identifying potential risks, developing strategies to mitigate them, and implementing processes and procedures to ensure that the business can continue operating even during a disruption.
Business succession, on the other hand, is planning for the transfer of leadership and ownership of a company from one generation to the next or from one owner to a new one. This process involves identifying potential successors, preparing them for their roles, and implementing a plan for the transition of leadership and ownership. Business succession planning aims to ensure the business’s continuity and operations after the current leaders or owners retire or leave.
Disclosures: Miracle Mile Advisors LLC (“MMA”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where MMA and its representatives are properly licensed or exempt from licensure. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. All investments include a risk of loss that clients should be prepared to bear. The principal risks of MMA’s strategies are disclosed in the publicly available Form ADV Part 2A. Values are approximate. The above example assumes a California resident, resulting in full realization of State capital gains tax.
