Business continuity planning

Planning for the unexpected,
the untimely death or total disability
of a business owner.

Have you protected your business from the unexpected?

When it comes to planning for the premature death or total disability of a business owner, it’s important to consider not only the disposition of ownership, but also the resolution of any personal guarantees, and the retention of key staff that will be relied upon to step up.

What happens to your ownership?

If a business owner dies and their stock goes to the wrong person, or if the terms of the stock transfer are not feasible for the new owner, it can create significant problems for the business and its stakeholders. This can include issues with decision-making, management, and ownership structure, and can ultimately result in legal disputes and financial losses.

Is your company prepared?

The death of a business owner can have significant implications for the estate and for any personal guarantees that the owner may have made on behalf of the business. In the case of lines of credit, equipment loans, leases, or indemnification bonds, the estate may be held responsible for any outstanding balances or obligations that were guaranteed by the owner.

Ensuring continuity by keeping key employees

keeping key employees after the death of the owner is essential for maintaining continuity, stability, and long-term success for the business. By taking proactive steps to retain these critical team members, businesses can help to mitigate risks and ensure a smoother transition of ownership and leadership.

Does your business have a plan that will resolve these issues?

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