In today's episode, Shannon dives deep into the three major risks that can significantly impact any business. She explores the dangers of over-reliance on the owner, the pitfalls of over-concentration on particular clients, and the importance of being prepared for external market and industry risks. Get ready for practical advice that will help safeguard and grow your business. Remember, the insights shared are for educational purposes and not individual tax advice.

What you'll hear in this episode:

03:33 Owner dependence reduces business value drastically.

09:18 Assess external factors; identify risks and patterns.

10:26 Prepare for risks with contingency plans in business.

14:28 Identify main risks; take steps to mitigate.

If you like this episode, check out:

What Can a Balance Sheet Reveal About Your Business?

Navigating Tax Rules for Digital Sales

What Should You Track in Your Books?

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.