Imagine building your business over several decades, beginning to plan your business exit, then dying unexpectedly before you can implement your plans.
Business owners rarely think about how an unexpected death or permanent incapacitation can derail even the most carefully created plans. And it makes sense: If you were always worried about what could go wrong, chances are you’d have never started your business in the first place.
But as you approach your business exit, you’ll likely want to take steps that minimize the kinds of outside effects that can cause your planning to fail. One way to do that is to install business continuity instructions.
Business continuity instructions are a formalized process that gives your family, business partners and employees guidance regarding how to address any number of unexpected events. Whether those events are extreme – such as death, incapacitation or blackmail – or more common, such as divorce or a co-owner or key employee leaving the company, business continuity instructions can position you to implement your exit plan despite the unexpected.
Generally, business continuity instructions are useful for answering three key questions.
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The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.