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.