Why Should A Business Owner With A Serious Health Condition Do Continuation Planning?
Business continuation planning helps avoid the problems that can occur when a business owner is unable to work either temporarily or for a longer period of time, or dies prematurely.
For the business, continuation planning:
- Allows the business to continue to function with the temporary or permanent absence of its owner.
- Prevents disputes.
- Allows for the maintenance of control.
For your family, continuation planning:
- Prevents conflicts among the family and with surviving owners.
- Assures a fair price for the business.
- May set the value of your business for federal estate tax purposes.
A planning day is a good time to think through a continuation plan as well as other subjects affected by your health condition. For information about a planning day, including who to include in it, click here.
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