May

4

Every businessman needs a well-defined plan of succession for his affairs, both while he is living and when he dies, including:

1. Legal paperwork, in order for the inevitable. This includes wills, powers of attorney, living wills, health care surrogates, trusts. Location of paperwork. Lists and possibly personal introductions of personal lawyers, accountants, bankers, financial advisors, insurance agents, physicians. If one does nothing else but read one book this year, read a book on this subject. It will be time well spent. Many legal documents are available from legal software companies and others for do-it-yourselfers, but if not comfortable with this, go to the next level and solicit the assistance of paralegals and ultimately lawyers.

2. Contingency plans for temporary illness. Well-defined and orderly chains of succession for businesses. Check writing, bill paying, decision making, proper names on bank accounts, money deposits, trading authorizations, access to offices and homes. Location of important documents for tax purposes and documentation.

3. Business continuation plans for after death. Purchase agreements, Buy sell agreements and insurance, legacy transfer, Order of succession. Grooming of successors.

It is critical to address these issues while one is of sound mind and body. And it is very important to revisit this theme quarterly, semi-annually or annually, contingent upon personal situations and business growth.


Comments

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search