Business Continuity Instructions
True business succession and/or exit planning can take time. It may take several years for key components of a plan to season. But, as we are all reminded from time to time, sometimes life doesn’t give us what we expect. An accident or a quick and sudden illness may take away the ability to plan or to allow a plan to come to completion. Therefore it is vital for every business owner to have in place business continuity instructions. Business continuity instructions give a quick overview of your recommendations to those who are left to take care of the business when you no longer can.The instructions should identify individuals who can be given responsibility to supervise business operations, financial decisions, and internal administration in the event of your untimely death or incapacity. You can also identify whether the business should be sold to a third party, key employee, or family member. The instructions may also identify individuals or companies who may be interested in purchasing the company. Finally, the instructions should provide guidance on how to access crucial information and what professional advisors should be consulted.Coupled with a solid estate plan, business continuity instructions can be the difference between the continued success of the business on one hand or a forced liquidation on the other.