As an entrepreneur and business owner, your “To Do List” never ends. The tasks pile up with a frequency that is reminiscent of an automatic feeder system in an assembly line. You tackle the most important and pressing items first. Then, you look at the next crisis to avoid and how to prevent a near disaster in your shop.
Well, here comes another item to jot down. Find time to check on your estate plan. This can mean several things to an individual. However, as a business owner you have unique concerns.
Here are 3 things for you to think about:
- If I am sick or temporarily unable to work in the business, who will keep the payroll going, the emails answered, and the revenue coming in?
- What will my business legacy be – do I need a succession plan to pass along my interest in the business to a family member, a business partner, or do I want the business to close it’s doors when I am no longer running things?
- Are my beneficiary forms (401K, life insurance, bank accounts, etc.) up-to-date – have you checked your accounts to make sure that your beneficiary designations accurately reflect your wishes?
Yes, the strategy to increase revenue and provide excellent service to customers and clients is vital. These items are crucial to the existence of your operation. Now, you have another task on your long list – get some planning done.
From a fellow business owner to another, I understand many of the hassles and demands that consume your daily life. On the other hand, it is a good idea to find time to address the estate planning and business succession plans that are important to you, your family and of course your business.
Although, the journey as a business owner is not for the faint of heart, it can be a very rewarding experience. Just remember, as an entrepreneur and business owner, your “To Do List” is endless.
This article was originally posted on www.abettslawblog.com on October 19, 2015.
Aquanetta J. Betts is an attorney, speaker and blogger – licensed to practice law in the District of Columbia and Maryland. Connect with her on Facebook, Twitter, Pinterest, Google+ and Instagram. For more information visit: www.abettslaw.com.
The information in this post is for informational purposes only and is not intended to provide legal advice.