8/4/2019 What if I Am the Sole Owner and Worried About Continuity

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What if I Am the Sole Owner and Worried About Continuity?

If something happens to you, the business must continue even if you do not. The only chance of

that happening depends upon the right employees staying with the business. If you do not return

to the business because of death or disability, your key employees will be very worried about

their futures. Without you and without them, the business stands very little chance of continuing.How do you prevent the key employees from leaving? Money! You must have a plan in place

that will financially reward the key employees for staying with the business. Your family is

going to need these key people to stay for some period of time whether they liquidate, sell or

retain the business.

You must put this plan in writing. We refer to this as a Stay Put Contract. This contract will

promise a bonus if the key employee(s) will stay put for a defined period of time in the case of

your death or your disability. We want that employees best next job to be the one they currently

have. This contract is not binding on the employee; if structured properly financially, they stay.

The next thing you need to do is put your continuity instructions in writing. Communicate toyour employees, family and advisors what they are going to need to know if you are no longer

here. Who is responsible for day-to-day operations? Who should make the financial decisions?

Who is in charge of administration decisions? List the names and phone numbers of your

advisors. Who can assist the family with the business transition? should the business be sold,

liquidated or retained? If sold, who would be potential buyers? Make these choices during your

lifetime so your family does not make the wrong choices when you are not here.

Your death or disability may create immediate and immense problems:

Significant financial interruption. Potentially no successor. Loss of key talent . . . your! Emotional distress.

Most business owners have left more written instruction in the past for babysitters when they

have gone out of town for a night or two, than they have in case of death when they will never be

able to speak with their families again. Doesnt your surviving spouse deserve as much as theoccasional babysitter

Business Advisors, LLCDavid K Seems, Managing Partner, Stanford Place II, 7979 E. Tufts Ave., Suite 900A, Denver, CO 80237, Phone:

303.708.8774 Fax: 866.609.9083.

Gail L. Reeves, Marketing Consultant, Stanford Place II, 7979 E. Tufts Ave., Suite 900A,

Denver, CO 80237, Phone: 303.708.8774 Fax: 866.609.9083.

Phone: 303-708-8774,www.BusinessAdvisorsLLC.net,info@businessadvisorsllc.net

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8/4/2019 What if I Am the Sole Owner and Worried About Continuity

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