Business Continuity Planning | The McFarland Group

Business Continuity Planning

Is your business protected from the unexpected?

When confronted with the untimely demise or complete disability of a key stakeholder, businesses are met with crucial challenges such as ownership transition, personal guarantee resolution, and leadership succession. By proactively devising plans to tackle these situations head-on, you can reduce anxiety, preserve continuity, and offer financial stability to your family and employees. Don’t wait for adversity to strike—prepare your business for whatever may come its way.

Why do business owners need a business continuity plan?

Disposition of Ownership

It is not uncommon to have outdated buyers listed, which may not align with the desired outcome. Additionally, the business valuation might be based on outdated information, and the payment terms may not be feasible. It is crucial to update plans to ensure they reflect your goals. By doing so, you secure a smoother transition of ownership, set realistic valuations, and establish feasible payment terms.

Resolution of Personal Guarantees

Personal guarantees can have significant implications for business owners in the event of their death or incapacity. These guarantees may burden their loved ones, as the responsibility to fulfill them could fall upon family members. Understanding and addressing these consequences are essential to protect the financial stability of the business and well-being of the family.

Retention of Talent

The risks of losing key people due to the death or incapacitation of a business owner are substantial.
Such a loss can disrupt operations, hinder decision-making, and jeopardize the company’s continuity. Implementing proactive measures like succession planning and offering stay bonuses can help mitigate these risks, incentivizing key individuals to remain committed during challenging transitions.

“Knowing that we have a plan to provide for the disposition of my ownership and the resolution of any guarantees is a big relief to my family and me. We also have a very thoughtful plan that would reward our leadership team for staying in place if something happened to me as the sole owner. I would recommend The McFarland Group to any business owner looking for continuity planning.”

Tim McGill Owner, McGill Restoration

Safeguarding Your Business and Legacy

Protecting your business and ensuring the smooth disposition of ownership in the face of unexpected events require proactive planning. Personal guarantees can burden loved ones if the owner dies or becomes incapacitated. Losing key individuals further jeopardizes operations. By updating plans, reassessing guarantees, implementing succession planning, stay bonuses, and considering ownership transition, you can safeguard your business, legacy, and the future of your company.

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Act today for a more secure tomorrow.