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Now Is the Perfect Time Crisis Proof Your Business

May 19, 2020

Filed under: Estate Planning — Laura Pennington @ 12:08 pm

Do you have a business succession plan in place? If you don’t, 2020 is the year to get one organized. Covid-19 has brought awareness of the possibility to needing to step out of the business due to illness, incapacity or death. 

Business owners who are in the midst of a transition do not need the added pressure of trying to figure out all of the details of a succession plan after the business is already up for sale or after they need a sudden exit. 

There are several questions you can ask yourself about whether or not your company is currently crisis proof. This includes asking; is your business stable, profitable, sustainable, and viable. 

The new questions today in light of the pandemic and the new issues that have emerged, include:

•           After the pandemic is over, will my business be sustainable?

•           Have I done enough work to position myself as an online company or bringing as many of my processes online as possible?

•           Can we generate enough consistent cash flow to stay operational and how do we project finances into the future, knowing this disruption?

•           How did my business struggle or thrive during times of disruption?

Think carefully about business continuity and do your contingency planning. This includes thinking about CEO incapacitation, critical staff, and what happens if employees get sick. Schedule a consultation with a business succession planning lawyer today to learn more and retool your existing business succession plan. 

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