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Business Owners – Don’t Make This Estate Planning Mistake!

The One Mistake

Did you know that the death of a founder or owner of a company can lead to 17% job cuts and almost 60% lower sales? Often times, we as humans put the cart before the horse. However, when it comes to end of life decisions we like to leave the cart at home and go out just on the horse. I can’t tell you the number of people we talk to who should have a business succession plan or estate plan and don’t. That is a big risk for your company and loved ones. According to business.com even four years after a founder’s [or leader’s] death most company’s haven’t recovered. As a business owner, that means a large number of individuals who rely on you may be in jeopardy because of this one mistake. 

Now you’re probably thinking, “But the likelihood of me passing away pre-maturely is so low, and the likely hood of me and my spouse [business partner] passing away at the same time is even lower.” But I’ve got news for you… You’re Right! The likelihood of you dying early, and with your spouse is slim to none, but that shouldn’t stop you from doing your estate planning now. 

Conclusion

While estate planning might not be top of mind for young [or not so young] entrepreneurs and business owners, it is essential to plan for all of life’s contingencies. Stay ahead of the game and guarantee your peace of mind and the piece of mind of your employees, partners, shareholders, and family. You will thank us later. 

 
Use these links as you think about this more. 

https://www.businessnewsdaily.com/4016-founder-death-spurs-business-decline.html 

https://www.forbes.com/sites/forbesbusinesscouncil/2019/12/30/why-business-owners-should-think-about-estate-planning-sooner-than-later/?sh=23a5e0dd4851 

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