If something happens to the owner.
WHY IT MATTERS
Most small businesses would stop if the owner did, and families are left unable to act.
WHAT TO ESTABLISH
Who could run it, immediately Who has authority to act Where everything is What the business owes and is owed
WHAT TO DOCUMENT
Bank accounts and signatories Key contracts and where they are Customers and suppliers, with contacts Staff and their arrangements Licences and their renewal dates Passwords and system access Professional advisers
WHERE TO KEEP IT
Somewhere a trusted person can reach.
WHY THAT MATTERS SPECIFICALLY
Families routinely cannot access accounts, systems or even establish what exists.
WHAT TO ARRANGE ABOUT BANK AUTHORITY
An additional signatory, or a documented arrangement.
WHY
A business unable to pay wages or suppliers stops within weeks.
WHAT TO ARRANGE LEGALLY
A will addressing the business specifically Consideration of what happens to shares
WHY SHARES SPECIFICALLY
Shares passing to heirs who cannot run the business creates problems for everyone.
WHAT TO CONSIDER
An arrangement among owners for what happens on death or incapacity.
WHAT THAT TYPICALLY PROVIDES
That remaining owners may acquire the departing owner's share, at a determined value.
WHAT TO CONSIDER FUNDING IT WITH
Insurance, where available.
WHAT TO DISCUSS
With family, so expectations are known.
WHY
Assumptions about who takes over are frequently mistaken on all sides.
WHAT TO REVIEW
The arrangements, periodically.
