It’s important for a business owner not to ignore or delay the development of a continuity plan that will keep the business going if something should happen to him/her. No one wants to think about disability or death.

The first step is to determine the key employees or family members that would keep the company going. Secondly, you need to provide the incentives to make this effort worth their while. Then, you need to establish a way to transfer the goodwill or ‘sweat equity’ to you or your beneficiaries. The Koch Co. has extensive experience in creating continuity plans for businesses.

Bottom Line: By establishing a continuity plan, your key employees and/or family have a master plan to follow if something should happen to you.