Alight, so if you’re a business owner and you pass away or you become disabled, either one of those, right? You need to think about succession management and you’re probably thinking, what the heck is Succession management? So, succession management means somebody is going to have to succeed you, in managing the business. that means that somebody’s going to have to have the legal authority to be able to do what needs to be done in your business to continue to have an operating business.
Let’s talk about that. The who, first of all, who are you going to appoint to succeed you in your business? Who do you trust to do these things that are supposed to get done to deal with your clients and your vendors and your, cooperating parties? I mean, really your referral resources, everyone associated with you.
What that means, what are they going to have to be doing? Is this what going to be handled all by one person or should this be done by multiple roles? When, when is it going to be possible for them to do those things? If you don’t have an estate plan in place and you have no legal designations for people when you’re incapacitated or if you passed away, that when can be many, many months, if not years down the road. And imagine what business, what’s going to happen to your business. If the when is more than a couple of days, right? Where are they going to find the legal authority to do what they need to do? Where do they need to go to continue the operations of your business?
What bank accounts, what lines of credit, what, what communication sources, all of that you need to tell your successors how, right? How is it done? Do you have written policies and procedures in place that say how to operate your business? How do you close a deal? How do you have them sign a contract?
What kind of contract do you have them sign? How do you create a bill of sale? If it’s all in your head, you need to put it down on paper, because guess what? The moment something happens to you, you become disabled, or you die. They can no longer access your brain for that information, how to fund the business.
So, you need to be asking yourself as a business owner, have I equipped my successors to succeed in doing what needs to be done so that my business doesn’t die with me or with my dis. If you want to get a business succession plan in place, we’re the people to call (813) 480-2106 or click below to schedule you call.
We’ll help you get down to the nitty gritty of deciding all these who, what, when, where, how, so that your business doesn’t die with you.