|You hear of it all the time. Curve balls thrown from left field. Unexpected. No ducking, no diving. No avoiding. But it’s not going to happen to your business, right? Don’t believe it. It could.
Are you prepared for the unexpected?
What happens if one day you (or your business partner) are taken out of the business by illness or accident, or perhaps even death? Are you ready for that? Let’s hope so. Because if you’re not, the damage to your business could be irreversible.
If you have several business partners, you no doubt have shareholder buy/sell agreements and key person protection in place. If you don’t, there’s no time like the present to seriously consider doing so.
But what if it’s just you and your partner/spouse running the business? Shareholder buy/sell arrangements may not be relevant here. But don’t kid yourself – you need to be prepared all the same.
Who is the main out-front person – the “sales” person? What happens if that person is taken out of the picture?
Who manages the business, takes care of the day-to-day workings? What happens if that person is taken out of the picture? Both questions are worth serious consideration.
It’s highly likely you’ve got life insurance – you’re covered if the worst happens and one of you dies. But statistics say you’re far more likely to become disabled or suffer a trauma, than you are to die. Are you covered for that?
Having had this experience recently ourselves, the importance of being prepared is very present in our minds. Thankfully, we were. Trauma insurance meant we didn’t have to stress about paying our business-related bills or our mortgage. Health insurance covered the very VERY hefty medical bills.
When a crisis happens, you most certainly don’t need the added stress of struggling financially. The strain of the crisis is tough enough. Your business will need a break. Your family will need a break. Make sure you’ve got the right things in place to cover you when you need it most.