About Your Business
Life happens and some of it isn’t good; accidents, strokes, cancer, you name it. The question is whether your business would survive your loss? Are you counting on it being sold to provide for your family after your departure? What is your business or practice really worth? If you’re in a partnership, are there resources available to buy out your interest? If you have children, do you have a succession plan? If you could not go to work for a long period of time, who would make the decisions about running the business in your absence?
Will there be sufficient resources to support the business in the event of a calamity? Will the Bank continue its support? Will trade creditors?
A lot of people have an interest in the decisions you have made regarding your business. You need a strategy to deal with reality. It’s not fair nor practical to leave all the decisions to your survivors … or worst yet, to the government!