The Wall Street Journal recently ran an article about CEOs accelerating succession plans and backup management strategies in the wake of COVID-19.
It’s a question every owner should be asking (now and always): What happens if you are unable to manage your company?
No one likes to think about all the what-if scenarios in life. Most business owners have no plan for exiting their business at all, much less exiting in the face of conflict or tragedy. Talk to your advisors and have a written plan for your business in the event you’re incapacitated.
That plan should include a current estimate of value, life insurance on behalf of the business, and temporary management appointments.