There are two absolutes that will occur during your small business life — 1) You will pay taxes and 2) You will die. Although we’re pretty good at paying our taxes, most small business owners never prepare their business for the event of their death. Then unexpectedly one day they are gone and others are left behind to figure out what to do.
I’ve seen it happen way too often in recent months. And it hit home again recently when I discovered quite by accident that one of my affiliates had passed away three months ago. This discovery was made after she was issued her monthly commission check (via PayPal). Who knows whether her family has access to that account and other accounts she was associated with. Now they are struggling to pick up the pieces and deal with their loss at the same time. Not a pretty picture.
Whether you run a one person business or a one hundred person business, it’s critical to prepare for that end. Particularly if you have others relying on you. (Don’t we all?) That’s why this week will feature a series of tips on things you need to do to prepare your business for when you kick the bucket and become a different part of the universe. Get ready.
Start your succession planning with these resources: