Nobody likes thinking about what could happen but when the unexpected does happen, are you prepared?
If you are a business owner this is so important. We never think about it but things do happen. What happens if you break your leg taking out the trash and in the hospital for 2 weeks? What happens if you die tomorrow? What will happen to your business? Is there someone who can and is willing to continue your business?
Before you can make arrangements or decisions you need to know what you want to have happen. You need to decide if you want the company to continue who do you want to take over. If it is not immediate family you need to make sure there is not a battle. This involves a will and a lawyer.
You need to discuss with family members what you want to have happen if the unexpected happens. Can they continue? Are they wanting to continue? Will they sell it? Will they just close the doors? If you have employees or consultants, what will happen to these people?
We want to put it off because it won't happen but we see it on the news everyday. People die everyday and well before their time. This is why you need to be prepared. Get a will done. This is not just for the rich and famous or insanely costly. Everyday people can afford this.
You need to be prepared for a time when your business will have to close it's doors. At what point do you throw in the towel and give up. Nobody is prepared for when this day comes either but it again happens everyday. Know your options. Know what you want to happen and not because you were forced in an ugly legal issue.
Say you are fishing with family and suddenly slip and fall while bringing in the big catch. Your ankle breaks and off to the hospital you go. Surgery is needed and you are off your feet for awhile. What about a sudden illness? Maternity leave? Now what? Do you close indefinitely risking the loss of customers or do you have someone to take over for you?
In your planning you need to have your wishes for your business clearly stated, usernames and passwords for email and website accounts, a step by step on how to access your website, a step by step list on how to process an order, names of suppliers including emails and phone numbers, how are taxes calculate and paid, names of lawyers and accountants. Get a power of attorney for your business giving the one person you trust more than anything in this world to take over and make decisions for your business. Names and phone numbers of any employees. Keys to stores, safes, etc. How to run a cash register and credit card machine. How to verify payment over the phone.
You may think these things are easily found but make sure someone knows where to find them such as a spouse. These step by steps may seem silly but if you have someone who has never done this, they will be lost. Keep things running smoothly but providing information now and even training someone to take over in case the worst happens.
Don't wait and hope it never happens. Plan and hope it never happens. At least if you plan you have the feeling or relief knowing it won't be chaotic and put you into panic trying to figure out what to do. Don't leave your family in a bind either. Do the work now and prepare. You will thank yourself if something ever happened and you were smart enough to prepare ahead of time and have a plan in place for others to follow.
If you are a business owner this is so important. We never think about it but things do happen. What happens if you break your leg taking out the trash and in the hospital for 2 weeks? What happens if you die tomorrow? What will happen to your business? Is there someone who can and is willing to continue your business?
Before you can make arrangements or decisions you need to know what you want to have happen. You need to decide if you want the company to continue who do you want to take over. If it is not immediate family you need to make sure there is not a battle. This involves a will and a lawyer.
You need to discuss with family members what you want to have happen if the unexpected happens. Can they continue? Are they wanting to continue? Will they sell it? Will they just close the doors? If you have employees or consultants, what will happen to these people?
We want to put it off because it won't happen but we see it on the news everyday. People die everyday and well before their time. This is why you need to be prepared. Get a will done. This is not just for the rich and famous or insanely costly. Everyday people can afford this.
You need to be prepared for a time when your business will have to close it's doors. At what point do you throw in the towel and give up. Nobody is prepared for when this day comes either but it again happens everyday. Know your options. Know what you want to happen and not because you were forced in an ugly legal issue.
Say you are fishing with family and suddenly slip and fall while bringing in the big catch. Your ankle breaks and off to the hospital you go. Surgery is needed and you are off your feet for awhile. What about a sudden illness? Maternity leave? Now what? Do you close indefinitely risking the loss of customers or do you have someone to take over for you?
In your planning you need to have your wishes for your business clearly stated, usernames and passwords for email and website accounts, a step by step on how to access your website, a step by step list on how to process an order, names of suppliers including emails and phone numbers, how are taxes calculate and paid, names of lawyers and accountants. Get a power of attorney for your business giving the one person you trust more than anything in this world to take over and make decisions for your business. Names and phone numbers of any employees. Keys to stores, safes, etc. How to run a cash register and credit card machine. How to verify payment over the phone.
You may think these things are easily found but make sure someone knows where to find them such as a spouse. These step by steps may seem silly but if you have someone who has never done this, they will be lost. Keep things running smoothly but providing information now and even training someone to take over in case the worst happens.
Don't wait and hope it never happens. Plan and hope it never happens. At least if you plan you have the feeling or relief knowing it won't be chaotic and put you into panic trying to figure out what to do. Don't leave your family in a bind either. Do the work now and prepare. You will thank yourself if something ever happened and you were smart enough to prepare ahead of time and have a plan in place for others to follow.
I am not an expert in the legal aspects so contact someone who knows. As with building a business you are responsible for what happens when you are in a position of being unable to attend to business. Don't wait until something happens. Take care of it now so business stays smooth during these times.
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