Your Business Last Will And Testament

(By Gil Gerretsen) If something were to happen to you as the owner of your business or professional practice, would those left with the daily responsibilities know what to do next? If you were incapacitated for a while, would they be able to keep the momentum going or would you be at risk of losing it all? If you died, do those left behind know what to do next?

Although we don’t like to think of such things, they need to be considered. Just as every person should have a personal estate plan that includes their Last Will and Testament, so should your business.

We all know that there's always a chance that the unthinkable will happen. We also know that planning for such an eventuality can be a difficult process. You certainly cannot anticipate every possibility, but you have it withing your power and responsibility to make some reasonable preparations.

Too often, I have seen families or employee teams thrown into turmoil because critical details were not available to them. Investors may or may not be covered by an insurance policy, but there’s still going to be a period of difficulty.

So, what should a responsible small business owner do?

It’s probably too hard to think this through on your own. Rather, discuss it with your mentor or a trusted peer. Perhaps spend a series of lunch meetings with another business owner who needs to ask and answer the same questions. Then, put key information and instructions in a place where family members, employees, and/or investors know where to find it. Have conversations with them too so they know you have thought the issue over. As your business grows and changes, make time now and then to keep things up to date. You will feel better. Your family will feel better. Your employees and investors will feel better.

➡️ Like this? Share it on your social media.

Want to be a better rainmaker?
➡️ Collect Gil’s books via GilWrites.com
➡️ Get your Rainmaker Snacks by email at GilTalks.com
➡️ Watch the free Rainmaker Workshop at GilSpeaks.com