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Today we want to discuss something very unfortunate that we see and hear about all too often tragic events that could be easily avoided with the right advanced planning. Because of the work we do in helping owners prepare for their eventual exit.
We are often privy to stories of businesses that die when the owner unexpectedly dies or becomes permanently incapacitated. And so this is a planning area that we quite passionate about. Just recently a business owner we know of died suddenly with no plans in place for the business to continue, or a current estate plan And, it couldn’t have happened at a worse time as it was during COVID.
His spouse is lost as to what to do as she was not at all involved in the business. Not only does she have to cope with the tragic unexpected loss of her husband, but she also has to deal with all aspects of the business that she’s completely unfamiliar with Customers and employees are leaving.
There is a lot of debt to be liquidated and the business value has tanked the business may have to be shut down with no value. This is an area of planning that we bring up right away in any new exit planning engagement because it can destroy the business quickly impacting all stakeholders.
Employees, customers, vendors, suppliers, the economy. But most of all it can have a devastating impact on the owner’s spouse and family if they were dependent on the value of the business. So, our topic today is Business Continuity: A Plan for the Unexpected
