Business Arrangements: As I was discussing many different topics around Death and choices in the Personal Tips / Opinions this last while, I am posing this question to Business Owners.
Please take this to heart. We have a belief that we are invincible – I am not sure where that thought or feeling has come from – but it tends to be deeply rooted. Then when something happens it takes us by surprise and we flounder, as we haven’t prepared things accordingly or in some cases even allowed the thought process to take place.
Questions to Ponder:
What happens with your business in your demise?
Do you have your business affairs in order?
There are necessary steps to take when owning a business to make sure that it is taken care of, sold or dissolved in your passing.
Even as you are starting your business, it is important to think about the future of your business and what that looks like.
Are you going to pass your company down to your kids?
Do your kids want to take it over?
Have you appointed a person to look after your business affairs and take over in the interim?
Do you have the proper insurance that will cover your costs, debts and give the future of the business the best opportunity to continue?
It is important to look at the many different aspects involved in your particular business establishment and make the necessary decisions to make sure it is looked after and maintained in the manner in which you would like.
Make sure the current structure is representative of what you want. Have the necessary discussions with your lawyer, accountant, family, (possible staff members) and business partners, so that everyone is on the same page.
The one thing that the past two years has taught us, is that anything can happen at any time, so it is important to be as proactive as is possible.
Make sure the people that you would be leaving things to have the abilities and capabilities to maintain and sustain it. If they do not have the experience or education, make sure they have the necessary support system and team of advisors to set them up to succeed.
Write things down as to your vision and dreams for the business, the reason why you started it and have made the decisions you have. Give them an idea of what has been your most important learning curve and what is the most important to your reputation and core of your business.
Make sure you have created Mission and Vision Statements for your company so there is clear direction.
Create an atmosphere of encouragement and opportunity for those left behind.
Keep the legacy going!
