Your business's success depends on you. Less talked about is that if you are suddenly unable to be involved, you'll need a business plan in place to keep the doors open and orders coming. Following are a few considerations to keep in mind.
Life and disability insurance should play a major role. Work with your insurance expert and financial planners to understand the long-term implications of being unable to work. The right policy can potentially stave off a fire sale and give you the time you need for a more thoughtful disposition.
Likewise, buy-sell agreements are vital for any business with multiple owners, outlining the orderly distribution of assets in a worst-case scenario. In select cases, funding the purchase of those assets through life or disability insurance could save the remaining partner from serious - and sudden - financial burden.
It's important for you to make difficult decisions now, so that at least some pain may be avoided should the worst take place.
