{"id":108237,"date":"2023-03-06t11:55:44","date_gmt":"2023-03-06t16:55:44","guid":{"rendered":"\/\/www.g005e.com\/?p=108237"},"modified":"2023-05-04t10:32:05","modified_gmt":"2023-05-04t14:32:05","slug":"solos-need-plans-for-death-disability","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/03\/06\/solos-need-plans-for-death-disability\/","title":{"rendered":"solos need plans for death, disability"},"content":{"rendered":"
<\/a>checklists for pre-planning … and for recovery in a worst-case scenario.<\/strong><\/p>\n by ed mendlowitz<\/i> 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.<\/p>\n more: <\/b>when an owner dies without a buy-sell agreement<\/a> | are you ready for a co-owner to drop dead?<\/a> | simple controls can prevent fraud<\/a> | charity directors must take theft seriously<\/a> | forensic techniques can be fraud deterrence<\/a> | the hazards of poor internal controls<\/a> | rule #1: start with cash<\/a> businesses are organic in that many people depend on them for many things and do become part of people\u2019s 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. here is a listing of some of the things that flow from not planning and could possibly be avoided with a little bit of work:<\/p>\n problems don\u2019t disappear if they are ignored \u2013 they fester and grow. putting simple plans in place can make unpleasant necessary actions easier and less costly to bear. planning doesn\u2019t affect an owner\u2019s independence or actions and has no consequence unless a sudden death or disability. plan and don\u2019t be a jerk!<\/p>\n here are some illustrative points that can be used to get you started toward a plan to continue, sell or wind down the business if a sole owner drops dead or suddenly becomes disabled. the goal is to prepare so someone can quickly assume control of the business and continue operations.<\/p>\n checklist: six first steps<\/strong><\/p>\n checklist: ten critical decisions<\/strong><\/p>\n checklist: eight pre-planning items<\/strong><\/p>\n conclusions<\/strong><\/p>\n use this outline as a starting point to establish a plan that would work for the client. no control is given up as long as they are okay. a major factor in long-range planning is to reduce confusion and to assure continuity and cash flow if the owner becomes disabled and maximizing value if he dies.<\/p>\n working until you drop<\/strong><\/p>\n many entrepreneurs love what they do and rarely think about retiring. however, unless they plan on working until they drop, they need to consider what they really want for themselves.<\/p>\n i never try to push or lead clients into retiring because it is a major life-altering event and needs to be made personally and wholeheartedly. however, i do offer some comments to consider when making that decision.<\/p>\n many people are conflicted on what they would be doing after giving up running their business. each has their own interests. rarely does someone have no other interests. they may have no hobby or overwhelming desire to accomplish something, or they may be afraid they will sit around doing nothing. we all hear stories about people dying soon after retiring because they lost their passion, feeling of importance or identity. i do not know if this is so, because neither i nor anyone i know has ever spoken to one of these people. life itself is a passion and should be enjoyed. if someone lost their passion for living because they gave up work, well, how exciting was the life they lived?<\/p>\n when talking about retiring, i always think about benjamin franklin, who retired at age 42 by selling his business for half of its earnings for 18 years. by surrendering half of his income for all his time, he was able to spend the remaining 42 years of his life developing the theory of electricity, helping found the united states of america, inventing bifocals and watching the first manned balloon ascend and descend in paris, among a great many other things. he did not go mad, as many business owners fear if they retire.<\/p>\n retiring is a very personal decision, and no one can make that decision for you, but it is certainly something to consider. while considering it, think about deciding how you want to spend the rest of your life knowing you do not have to work<\/strong>. otherwise, work until you drop.<\/p>\n
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\n<\/p>\nchecklist: 15 consequences that could have been avoided with planning<\/h3>\n
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contingency plan for a sole business owner dropping dead<\/h3>\n
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