By Rachele Wolf, CPFA™, and Greg Hoernschemeyer, CLU®
This article was developed in conversation with Rachele Wolf and Greg Hoernschemeyer of HORAN Wealth, LLC, who advise business owners on retirement, insurance, and succession strategies that strengthen companies today and for generations to come.
Running a business pulls you in a hundred directions every day. Customers, employees, cash flow, growth—it all takes your focus. But the companies that last, the ones that create value year after year, don't just rely on hard work or good luck. They're built on a few smart habits that protect the business, keep leadership engaged, and make sure families and employees aren't left scrambling if life changes suddenly.
Here are five habits every owner should establish to keep the business strong today and in the future.
Habit 1: Fund Your Succession, Not Just the Paperwork
Most owners have a buy-sell agreement, but many haven't backed it with real dollars. When a triggering event happens—death, disability, or a partner exit—an unfunded agreement can leave families and employees in crisis. Insurance funding makes the plan real and ensures it works when it's needed most.
A document without funding is a false sense of security. The only way to make succession plans work is to back them with cash or coverage.
Keep in Mind
"One business owner kept a buy-sell agreement in his safe deposit box that said, 'In the event of my death—punt.' When an owner dies or becomes disabled, that's not a plan—it's a problem. Without funding, the document is worthless. You can have a will or trust, but without the money to execute it, partners are left in legal limbo. True succession planning means funding the real value."
- Greg Hoernschemeyer, CLU®, Sr. Vice President, Registered Representative, HORAN Wealth, LLC
Habit 2: Protect the Leaders Who Protect Your Business
Your key people are more valuable than any piece of equipment or building. If a critical leader leaves, gets sick, or passes unexpectedly, the whole business can wobble. Key-person life insurance and leadership reward plans safeguard against disruption and show your best people they're worth investing in.
Protecting talent is protecting enterprise value. Strong companies insure not just their assets, but their leadership.
Keep in Mind
"I had clients who bought new printing presses and insured them but had never gotten around to insuring each other. They hadn't realized that they were the two biggest assets in their business, and those assets were exposed. We were able to correct that."
- Greg Hoernschemeyer, CLU®, Sr. Vice President, Registered Representative, HORAN Wealth, LLC
Habit 3: Make Retirement Benefits a Talent Magnet
A retirement plan isn't just a benefit—it's one of the clearest ways to show employees you care about their future. Competitive plans attract top performers, keep leaders from being poached, and improve satisfaction across the workforce. But it's not enough to offer a plan; you must explain it. Offering 1:1 ongoing education sessions ensures employees understand their benefits and see real value.
According to a SHRM survey, nearly 60% of employees name retirement plans among the benefits that matter most to them in staying with a company. And in EBRI's Retirement Confidence Survey, 71% of workers say they or their spouse have saved for retirement— showing how much employees rely on these plans (SHRM, November 2024).
Keep in Mind
"What I love most about my work is meeting one-on-one with employees. You can see the difference when someone truly understands their plan—they're more confident, more invested, and more hopeful about their future. Education empowers people to balance today's needs with tomorrow's goals. When companies extend that opportunity to their teams, engagement and loyalty rise dramatically."
- Rachele Wolf, Retirement Plan Advisor, Sr. Vice President, Client Relationship Management & New Business Development, HORAN Wealth, LLC
Habit 4: Take Wealth Off the Table While You Grow
For many owners, the business is their retirement plan. The problem: you can't pay tuition or cover emergencies with equity locked inside the company. A well-designed 401(k) or similar plan lets you move wealth steadily into diversified accounts while still fueling growth. That reduces personal risk and keeps options open when it's time to transition.
You can also think creatively about how those plans are built. Retirement strategies can be tailored to your business structure, ownership goals, and leadership team. Working with an expert, you can design a more robust plan that maximizes contributions, integrates executive benefits, and helps attract and retain top talent.
Keep in Mind
"The strongest owners build wealth in two places—inside the business and outside it. That balance creates freedom when it's time to transition. At the same time, you can build a retirement that's uniquely designed to your business dynamics, which increases value as well."
- Rachele Wolf, Retirement Plan Advisor, Sr. Vice President, Client Relationship Management & New Business Development, HORAN Wealth, LLC
Habit 5: Review Your Safety Nets Every Year
Businesses evolve, laws change, and people move on. Insurance coverage and retirement plans that made sense five years ago may not fit today. Owners who treat these as living strategies—not one-time events—make sure their protections keep pace with reality.
Keep in Mind
"We see it all the time—a plan that was fine five years ago is a liability today. Your business and your lives change over time. These are living, breathing documents, yet business leaders haven't looked at them for years. You look at your financials monthly and quarterly. Insurance coverage is also important, so you need to look at this annually."
- Rachele Wolf & Greg Hoernschemeyer
Building a Business That Lasts
Durable businesses don't just happen. They're built by owners who take steady steps to protect value, reward leadership, and secure their family's future.
That's why HORAN Wealth is hosting a Private Wealth Briefing on November 12. Beyond the Balance Sheet: Building Family Trust, Purpose & Prosperity is a private, invitation-only educational event for established families, owner-operators, and principals committed to preserving and growing a legacy of generational wealth.
Keynote speaker Tom Rogerson, one of the nation's leading experts in family governance and legacy planning, will share how families can move from an estate plan to a true legacy plan. We invite you to bring spouses, children, and even grandchildren into the conversation.
Especially for business owners, there will be a Business Strategy Forum on valuation and other critical strategies to keep your company thriving.
For an invitation, please contact your HORAN advisor or email privatewealth@horanwealth.com. Seating is limited.
As always, the best place to start is with a conversation. At HORAN, we've spent four generations guiding families to live more abundantly and productively—now and for generations to come. Learn more at horanwealth.com.
About the Authors
Rachele Wolf, CPFA™ - Retirement Plan Advisor, Sr. Vice President
Rachele brings over 24 years of experience helping employers design competitive retirement plans that attract and retain top talent. She focuses on financial wellness education and advisory consulting to help employees make informed decisions and build more secure futures for themselves and their families.
Greg Hoernschemeyer, CLU® - Sr. Vice President and Registered Representative at HORAN Wealth
Greg brings deep expertise in life, disability, and long-term care insurance, helping individuals and business owners protect what matters most. He combines technical insight with a practical, relationship-driven approach to make complex insurance decisions clear and manageable, building long-term security for clients, their families, and their companies.
Securities offered through M Holdings Securities, Inc., an unaffiliated registered broker-dealer, member FINRA | SIPC. Investment advisory services offered by HORAN Wealth, LLC, registered with the U.S. Securities and Exchange Commission. Not FDIC Insured | No Bank Guarantee | May Lose Value
The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HORAN Wealth and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.