{"id":2418,"date":"2018-01-23T18:14:58","date_gmt":"2018-01-24T01:14:58","guid":{"rendered":"https:\/\/iccu.lndo.site\/blog\/uncategorized\/protect-business-something-happens\/"},"modified":"2024-08-14T11:37:11","modified_gmt":"2024-08-14T17:37:11","slug":"protect-business-something-happens","status":"publish","type":"post","link":"https:\/\/www.iccu.com\/blog\/news\/protect-business-something-happens\/","title":{"rendered":"How to Protect Your Business if Something Happens to You"},"content":{"rendered":"

If you own a small business, you might get so involved with working in <\/em>the business that you forget to work on <\/em>the business. But, if something happens to you such as a disability or death, the future of your business and hard work is in jeopardy. If you are interested in keeping the value of your business intact, and want to see it passed down smoothly to the next generation, take the time to formulate a business succession plan.<\/p>\n

I have a plan: my kids will inherit the business when I die <\/em><\/strong><\/p>\n

For many business owners, the succession \u201cplan\u201d is a rather casual one: you imagine that your children will inherit the business and all will be blissfully easy. However, after the owner passes away the children are often left in a bitter, prolonged battle over what should be done with the business. According to The Economist, <\/em>only one third of businesses successfully transition from the first to second generation and only 5% make it to the third generation.<\/p>\n

There are a myriad of questions that face children who inherit a business from an owner who failed to plan. Those questions \u2013 and the fights that result from them \u2013 can destroy relationships within the family and lead to the end of the business. The better approach is for the business owners to engage in a succession planning process that answers the many questions raised, and to document <\/em><\/strong>the plan. Among the questions that every business owner should consider are:<\/p>\n