checklists for pre-planning … and for recovery in a worst-case scenario.
by ed mendlowitz
77 ways to wow!
every sudden death or disability is a tragedy. for those who own a business and do not have a contingency plan in place, their legacy is confusion, high costs, stress and anxiety for their family, employees, customers, vendors and everyone else who depends on that business in some respect.
more: when an owner dies without a buy-sell agreement | are you ready for a co-owner to drop dead? | simple controls can prevent fraud | charity directors must take theft seriously | forensic techniques can be fraud deterrence | the hazards of poor internal controls | rule #1: start with cash
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businesses are organic in that many people depend on them for many things and do become part of people’s lives. owners who do not plan, shortchange those they leave behind … saddling them with doubt and many times with unnecessary and unfavorable consequences. lack of planning is not done through ignorance, but through arrogance. making plans for your death is difficult and unpleasant … but it is a necessary part of life. it is a courtesy for those closest to you who contributed to your success.