Spouse In The Loop

Is your spouse fully informed about family or business affairs?

One of the greatest threats to the survival of a business is a lack of proper planning and communication. Unexpected things can happen, so it is essential to be prepared. If an untimely event occurs, a spouse can be forced to make tough decisions at the worst possible time. With thoughtful, proactive planning and open communication, a business owner’s spouse can face the future with confidence.

Make sure there is a plan if the unexpected occurs

Management Team – Determine who the decision maker(s) will be. A limited power of attorney can be given to a key manager or managers to make decisions
Potential Buyers – A buy/sell agreement or an employee stock ownership plan can ensure there is a buyer
Key Customers/Clients – Decide who, how and when this news will be communicated to reassure clients
Liquidity – Determine if there are sufficient reserves in the business or if life insurance is necessary to pay key vendors, creditors, taxes and payroll
Personal – Develop a plan to allow your family to continue receiving income, and make sure those resources and coverages are adequate

Know who to contact (complete the following)