“Unexpected events can set you back or set you up. It’s all a matter of perspective.”Mary Anne Radmacher
Let’s face it. In today’s Coronavirus environment, we are all weighing the “What If’s?” in our heads. All the things as a business owner you thought you could put off until tomorrow need to be addressed… today. Having a business succession plan in place is important to ease the worries of owning a business.
The Unthinkable Has Happened.
A month ago your business was thriving. You were on track for a record sales year. Today, business has come to a standstill. Covid-19 has forced your local government to issue a stay at home notice and your business partner, the one who handled all of the administrative work for your business, is now sick with the virus. No one but your partner knows how to access the files that reflect the status of work in progress. No one has the authority on the company bank accounts to conduct transactions; including approving payroll that should be paid the next business day, except him. Money has been exchanged yet services are not being delivered to clients.
While unpleasant to ponder, the reality is business owners need a Business Succession Plan in place so that their life’s work can survive life’s unthinkable situations.
WHAT IS A BUSINESS SUCCESSION PLAN?
A Business Succession Plan is a thoughtful, concise and executable set of instructions that go into effect when key players of a business become unable to fulfill their duties to the business. Whether it is illness, prolonged absence, retirement, incapacity, death or even a pandemic, a business succession plan ensures it will be business as usual, as much as possible, for your clients and employees. A good plan considers the key components in any business, (i.e. administration, finance, operations, sales and marketing) and makes sure they keep functioning. A good plan stays current over time. As your business evolves key employees will be designated to swoop in at times of transition to “keep things going”.
If you own a business, no matter how big or how small, make no mistake, you need a Succession Plan.
BUSINESS LAW SOUTHWEST CAN HELP.
Business Law Southwest is ready to navigate you through even the most complex processes. Our Business Law Succession Planning Services include:
- Consultation to learn about your business
- Determination of the type of Business Succession Plan your business needs
- Recommendations of technology, system and process that are key to your unique business
- Identification of key team players needed to put a comprehensive strategy in place
- Creation of plan documents and clear instruction on how execute
- Implementation of the plan with key stakeholder and participants
- On-going monitoring of the plan; annual reviews to ensure designated people and process are still relevant
Reach out to us today.
Pick up the phone and consult with an experienced Business Succession Planning Attorney. We will guide you through the process that will ensure your business survives and thrives when life’s unthinkable situations happen.