What Happens to Your Business If You Die?

No one really wants to think about it, but it’s a necessary part of life. Death and dying as subjects are avoided, because it can be depressing, but at the same time, it needs to be discussed. Without a plan for after your death, anything could happen. Your wishes for your belongings, your assets and your business won’t be taken in to consideration and your loved ones could be left out in the cold.

Here are a few ways of making sure that your business doesn’t fall apart if something were to happen.

Write The Plan for the Future of The Business

You know where you’ve come from, but the question is where do you want the company to go? Pick a day, five years from now and write about the business as you would like to see it. Think about your co-workers, the revenues, your business focus, how many people you’re employing and where your business is heading.

Put your hopes and dreams into this vision – and you’ll communicate them to those who read it.

Set Your Goals

You should not only have goals for your employees, but also your company as a whole. Have company-wide goals for one year, two years, five years and ten years from now. Your goals should include revenue, hiring, office, benefits and offerings to make sure that they cover all aspects of the company.

Hire the Right Talent

After you have your vision and your goals, it is time to make sure that the people that you employ share them and have the talent to achieve it. Find a recruiting process that works well for you, and refresh it every so often.

You should ideally have a really good training and development program to make sure that the people that you hire love their jobs.

Make A Will

A will is the final piece of the puzzle. Not many people have wills, but it is really important for the ‘just in case’ situation, and to increase your peace of mind.

You should also write a letter to someone you trust detailing the way in which you want your business to be dealt with. Should the heirs sell it or hire someone to run it? Name a successor as well as a contingent successor in case the successor is unable. Tell them where your essential files are kept.

Make sure that your business and the financial future of your dependents is secure by following these steps.

Leave a Reply

Your email address will not be published. Required fields are marked *