Business Continuity

Business continuity planning encompasses a wide range of consequences that may follow the departure of a majority owner or a member of a controlling owner group (because of death, disability, retirement, or termination). These issues frequently keep business owners awake at night wondering what could happen to their ownership interest and the business itself. Business continuity planning protects your right to receive payment for your interest, provides certainty about what you may be required to pay for the interest of a co-owner, and supports the business after an owner's departure so that it can continue to thrive.

  1. Do you have a written plan for your business if you die or become incapacitated?
  2. Have you identified a person who can operate the business in your absence?
  3. Have you identified a person who can manage your business finances in your absence?
  4. Would your death affect your company's ability to secure or maintain financing arrangements?
  5. Is your plan for the disposition of your ownership at your death coordinated with your plans for an exit during your lifetime?
  6. Will employees essential to operation stay with the business if you die or become incapacitated?
  7. Do you have a written agreement to transfer ownership upon specific triggering events?
  8. Have you communicated your continuity plan to senior management?
  9. Do you have sufficient insurance to fund an owner buyout?
  10. Have you had you current Buy Sell Agreement Reviewed in the past 3 years
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