Successful owners are usually optimistic people, somewhat averse to dwelling on the more unpleasant aspects of Business. Contemplating one’s demise certainly qualifies as an unpleasant aspect. Consequently, advisors tend to use a lot of softer phrasings when they talk about business continuity. They ask, “What happens if the owner ‘passes on’ or ‘leaves the scene?”‘ They talk about the consequences of an owner’s death on the business in theoretical, third-party terms: “Should an owner die,…” Unfortunately, these oblique references gloss over the central fact that you, the owner, must take care of business now in case you (rather than someone anonymous third party) die tomorrow.
This white paper discusses business-continuity planning in a way that you may not expect. Typically, when owners think of business continuity, they do so after being prompted by an insurance or legal advisor who warns that unless they take prudent measures, they will leave their families unprotected in the event of death or permanent disability.