Three Questions to Ask about Your Business Plan
1. If tragedy struck and you suddenly passed away, or fell too ill to work, what would happen to your business?
You need to make sure your contact lists are up to date and your business records are accessible and organized in such a way that someone else could find information to file the business tax returns and close or sell the business without complications.
2. Is there someone upon whom you could rely to take care of the details of informing clients, customers, and vendors of the ownership status or of the emergency change in day-to-day business relations?
You must legally designate someone to take over your business in case of tragedy or emergency and that person should be informed that he/she may be called upon to take over. Ideally that person would have knowledge about the business, the where about of corporate records, client, customer and vendor contact information.
3. If the business could not continue to run without you, do you have a plan in place for dissolving or selling the business?
If you don’t have a designated person to take over your business, you should have a plan for dissolving or selling the business. Your plan should respect the values you have put into the business over the years and assure it doesn’t all go to waste!
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can provide you with all your options and work with you in making strategic choices in planning for a smooth transition or sale of your business. Contact us today at 973-841-5111.