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 to 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.
Possible Recommendations to Ensure Business Continuity:
- Business Insurance for Continuity Planning
- Stay Bonus Plan
- Business Continuity Guidelines
- Buy-Sell (Shareholder) Agreement
- Wage (Salary) Continuation Plan
- Retaining Key Employees After Death or Disability
- Plan for Financial Independence of the Company
Learn about Step 7, Personal Wealth and Estate Planning.