Business contingency is always fundamental to success. Without knowing how you’d cope in a crisis, you stand no chance at weathering the storms that will inevitably come your way. That’s why you likely have an extensive contingency plan in place for, you imagine, every eventuality. Yet, one thing that countless business owners forget to consider is that of their deaths.
It makes sense you wouldn’t want to think about this. Still, given that your business is likely the most valuable asset you have right now, it’s a consideration you can’t afford to skip.
In many ways, this doesn’t need to be negative. After all, making a robust plan now means your business will forever continue to make its mark. The question is, what exactly should such a contingency plan include?
Finding your beneficiary
You’ll first want to consider finding the next manager for your enterprise. A business can’t run on its own, after all, and planning for that eventuality is your only chance at ensuring someone you’ve selected takes the helm. In truth, there are a few options here, including –
- Partnership – When you work with a partner, you get to not only handpick your beneficiary, but you can also work alongside and even train them to ensure they keep your business thriving later on.
- A successor – If your business profit is still relatively modest (under $14,000, say,) then you can designate a successor of your choosing. Sadly, this isn’t ideal for long-term plans, as you must gift a business to a successor while you’re alive.
- A trust plan – Creating a living trust can be costly, but this is your best chance at allowing a chosen successor to take charge after your passing. On your death, your business will become a trust, and control will be handed to your privately chosen successor outside of the probate process.
Considering your estate
Just as vital as it is to contact attorneys like those at Boppre Law Firm to help you make plans for your private estate, you also need to consider your business property. If you’re renting an office space, this obviously doesn’t apply, but you will need to take steps towards protecting any commercial property in your name. As with the rest of your estate, including property in your will is your best chance of ensuring it lands in the right hands to keep your business flourishing.
Your long-term business plans
Thinking long-term in business is always essential. After all, you need to develop some idea of long-term profit projections and product planning. And, never is long-term business planning more important than if you aren’t going to be around. By making it clear, at all times, what you ultimately hope for your company, you can ensure that your voice continues to be heard, even once you aren’t around anymore. This will be fantastic for providing your beneficiary with some first-hand guidance, as well as ensuring that your company name continues to do you proud for many years to come.
