The other day I was having one of our monthly meetings with a couple of colleagues and the topic came up of having a plan in the event if any one of us were to be in a serious accident or worse yet, die unexpectedly.
No one that I know likes to think about this since part of us thinks we are going to live forever, however, it would be prudent, to have a plan. One of my business consultant colleagues, Ken Keller, suggested the list of 5 key people that should be first on the list for any business owner to have available for his or her spouse or significant other.
Five key individuals they should contact immediately include:
- Business attorney, this is someone who can provide legal guidance and ensure smooth transition of ownership or dissolution;
- Accountant, this is someone who can handle financial matters and taxes.
- Trusted mentor or advisor within your industry for valuable insights and support during this challenging time;
- Close friend or family member who can offer emotional support and assistance with personal affair.
- Insurance agent, to initiate any necessary claims and ensure financial stability for our family and the business.
Establishing these connections will help navigate the complexities of your business and ease the burden on my loved one during a difficult period of transition.
Let’s take a closer look at each one of these contacts specifically.
Business Attorney:
Your business attorney, should be the first person contacted in the event of your untimely demise. They possess the legal expertise required to guide your spouse or partner through the complexities of business ownership transfer or dissolution, ensuring compliance with all legal obligations.
This person can advise on crucial matters such as transferring ownership rights, settling debts, and handling any potential legal disputes that may arise, providing much-needed clarity and reassurance during a challenging time.
With their assistance, your spouse or partner can navigate the legal intricacies of our business affairs, safeguarding your interests and facilitating a smooth transition to protect both your family’s financial security and the legacy of your business.
Accountant:
Upon your passing, spouse or partner should immediately reach out to your trusted accountant to manage the financial aspects of your business with precision and care.
This person should possess an in-depth understanding of your financial records, ensuring that taxes are filed accurately and any outstanding financial obligations are addressed promptly.
By collaborating closely with your accountant, our spouse or partner can ensure the continued financial stability of your business, allowing her to focus on personal matters and the well-being of your family during this difficult period.
Consultant or Mentor:
In times of uncertainty following your untimely death, your spouse or partner can rely on the guidance and support of your trusted consultant or mentor to navigate the challenges ahead.
This person has been a pillar of wisdom and support throughout your entrepreneurial journey, offering valuable insights and perspective that have contributed to the success of your business.
Their mentorship will be invaluable as spouse or partner assumes a more active role in the business, providing her or him with the confidence and knowledge necessary to make informed decisions and steer the company towards continued growth and prosperity.
Trusted Friend or Family Member:
Your spouse or partner should lean on the support of a trusted friend or family member, during this difficult time of loss and transition.
This person can offer emotional support and practical assistance, helping to alleviate some of the burdens your spouse or partner may face in managing both personal affairs and the responsibilities of the business.
With their unwavering support and presence, this trusted friend or family member will provide a source of comfort and strength, allowing your spouse or partner to focus on grieving and adjusting to her new role as she navigates the challenges ahead.
Insurance Agent:
To ensure the financial stability of your family and business, your spouse or significant other should promptly notify your insurance agent following your untimely death.
This person can assist in initiating any necessary insurance claims, including life insurance policies, to provide essential financial support to your spouse or partner and family during this challenging time.
By working closely with your insurance agent, they can secure the resources needed to maintain the continuity of your business operations and provide for your family’s long-term financial well-being, offering peace of mind during a period of profound loss and transition.
So, who are the 5 key people you want to put on your list? I recommend that that you give this area of business development some serious thought. You and your spouse or significant other will feel more comfortable knowing you have a plan in place.
Tom Borg is founder and president of Tom Borg Consulting, LLC. For over 25 years he has been helping business owners, presidents, CEOs and their teams. He works at the intersection of leadership, communication and culture. Tom does this through his consulting, mentoring, coaching, assessment instruments and workshops You can contact him at: (734) 812-0526 or email him at: tom@tomborg.com or visit his website at: www.tomborgconsulting.com.
By Tom Borg © All rights reserved
