I am often asked why someone should pay to create an Emergency Business, or Professional Practice, Continuation Plan (“Plan”) for their business? The short answer is that the Plan is really for the benefit of your loved ones in case you are taken from them unexpectedly.
The process of putting the written Plan together involves answering many questions. You need to decide such important things as:
- Who would run your business (practice) if you were to suffer a debilitating stroke, or worse, pass away suddenly?
- How would your customers (clients) react to your loss? Would they stay or leave?
- If your loved ones needed to sell the business, with whom would they list it?
- Who would negotiate the sales agreement with the listing person?
- What is your business actually worth? Who better to figure that out than you when you are healthy?
- Do you a will, a trust, a durable power of attorney and/or a health care directive? Who would make the decision about “pulling” the plug? Have you really thought about the pressure that would put on that person? Are they able to handle the pressure?
- Have you planned properly for retirement? Is now the best time to retire?
Obviously, there are many other questions to be considered. Please do not leave your family with a big mess to clean up if something happens to you suddenly. Think of people you knew personally who passed away suddenly. Think of the young actress Brittany Murphy who dies suddenly. Think about the heiress to the Johnson & Johnson fortune who died so very young. Think of another tragedy when Heath Ledger passed away. It can happen to you and your family.
Call us today and get started on a detailed written Plan to protect your family’s future.