“There will be time to do this tomorrow…..” Recently I have included personal readiness when starting a business planning session with a small business owner. My questions include:
Do you have:
- a will?
- a living will?
- health care power of attorney?
- durable power of attorney?
- other related documents….
It has a lot to do with your business. A small business is a family affair, in fact, it is part of the family.
The other related documents I refer to are written instructions as to how the business will be run in the event of an illness or death of the business owners. The family needs to have written instructions as to the current status of the business, who needs to be notified and instructions on how to carry on the business.
Treat your business as a family member and make sure that documentation your family needs to carry on in the event of an illness or death is in place.
If you are not prepared, do it now!
A problem is something that can be solved. A fact of life is something that must be accepted.
Have a great day!