Business planning tends to revolve around where you are right now, where you’re going in the near future, and hopefully, where you’re going to be quite a ways down the road. One aspect of business planning in Maryland that is easily overlooked, however, is what happens to the business after you are gone. Sure, there may be succession plans in place in preparation for your retirement, but what is going to happen if you pass away unexpectedly instead?
For a lot of people, a business is their biggest asset. Certainly, you want to make sure it’s protected–no matter what happens. By planning now, you can help ensure that your business will go on to survive without you instead of falling apart because you’re no longer at the helm.
Step One: Choose a Successor for Your Business
This should have already been taken care of in the event that you are planning to retire, but other situations can arise in which you are unable to continue to run your business. Having named someone you trust who is prepared to take the reins should it become necessary will ensure your business stays running during an otherwise chaotic time.
Step Two: Share the Knowledge