Prudential Financial Services Manager Ronald Swanson gave tips to Houston-area small business owners on Wednesday about how to evaluate risks and take steps to ensure that their businesses and families are protected in the event of death or disability.

“The worst thing you can do is to have no plan at all,” Swanson said, speaking at HISD’s monthly Workshop Wednesday forum. “You can transfer or mitigate risks though buy-sell agreements and life insurance.”

Swanson gave an overview of the various types of agreements and explained that they can be a useful tool in preserving ownership control and management continuity of a small or family-owned business.

“It’s important to think about what you’re going to do when you stop doing this business,” Swanson said. “I want to challenge you to start thinking about this. You can work with us, you can work with someone else, but it’s important to make the plans.”

HISD’s Business Assistance Supplier Diversity department hosts Workshop Wednesday on the first Wednesday of each month. Topics vary and are designed to provide relevant information and assistance to minority- and women-owned businesses interested in working with the district.

For more information on upcoming workshops and networking opportunities, contact the Business Assistance Supplier Diversity office at 713-556-7273.