Have you ever wondered what would happen to your business if you weren’t around? If you haven’t, then let me shed some light on a few scenarios:
First, there is the concept of a “key man.” If you are gone and haven’t formulated a plan, your business will struggle to operate because everything runs through your knowledge and relationships. Vendors, customers, service providers, intellectual property or patents - all of these come back to you.
How do you ensure that the business continues to thrive and provide income to your family when you are gone?
This is one of the reasons why Estate Planning is even more important for business owners than regular folks. If you are a business owner, you need to take this seriously and plan for emergencies so that your family is taken care of if you aren’t around to keep things running.