Business Ethical Will
A Business Ethical Will is a letter or other document which is intended to pass on values and wisdom to successors who will run the business. There is no particular form, content or means of memorializing a Business Ethical Will.
When you write a Business Ethical Will, it helps to include:
- The core values with which you started and run the business.
- Examples of how your values were used while running the business to help people understand the values and lessons you want to pass on.
- Your hopes for the future.
- If your successor is not the person people would expect, it may help soothe relationships if you explained in the letter why you created the succession you did.
Let your successor know that the Will exists and where it is kept. Better yet, review the contents with him or her. A question and answer session can pinpoint wording that needs clarification and provide a sense of clarity and understanding. It can also bring up additional topics you didn't think to include.
Set an alert in your computer or note in your calendar to review your Business Ethical Will once a year. Since a Business Ethical Will can be an informal document, it can easily be added to reflect new lessons and/or values.
Of course, a Business Ethical Will does not substitute for a Will (Last Will and Testament) or other alternatives for passing property to your heirs.