At the end of last year we spoke with many businesses that unfortunately experienced a disaster. This included flooding, loss of data and worse, death of an owner. If a disaster hit your business, would you be prepared? This month we have been focusing on this topic and whilst it’s not very cheerful for the New Year, it is crucial for business continuity during difficult times.
Real life story: Business Survival following owner illness
If you are dying or become seriously ill, protecting your business with a plan of action can save precious time, stress and decisions for your family in an already emotionally difficult time. Reading the real life story of a CMC Partner relative, should give you the motivation to plan for the ‘unthinkable’.
A contingency plan is a set procedure to follow in case of any major event and is a precaution, set up before death or illness, to state who would be responsible for managing your business. If you do not already have a plan in place, you need to write it now for your peace of mind.
Download a real life example contingency plan to give you guidance on what should be included.
Cresco Legal solicitors, discusses the scenario of the death of a business owner and its legal implications for the remaining owner and the deceased’s family. This covers key concerns and shareholders agreements.
How to Survive a Disaster when it Hits your Business
It’s happened again this winter – extreme flooding, damaging winds, affecting many homes and businesses. 40% of businesses never reopen after a disaster. What should be your first steps to ensure your businesses survival?