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BUSINESS LAW
FREQUENTLY ASKED QUESTIONS



“DISASTER” PLANS
QUESTION: I’m the owner of a small business and am concerned about the welfare of the business if I suddenly died or become incapacitated. My family knows very little about the business. Is there anything I can do to help my family run the business and assure its continued success?

ANSWER: Yes, there is. Some people in your situation create a written “disaster plan” that their family can refer to in case of an emergency.

QUESTION: What should be included in the plan?

ANSWER: That depends upon your specific situation. Factors such as the kind of business you own, whether or not you have trusted key employees, and the extent to which any family member is either willing or able to operate or oversee the business operation in your absence must be considered. Subjects you may want to consider including in your plan are as follows:
  • Immediate considerations
  • Suggest that an initial action plan be implemented that includes.

    Review calendar and appointments
    Notify customers, creditors and suppliers as necessary Identify all pending matters
    Prioritize pending matters
    Identify operational and managerial duties that must be performed
    Suggest who should perform those duties

  • Provide other helpful information such as:

    Important names, addresses and telephone numbers
    Leases, loans and other fixed-term obligations
    A plan for the collection of receivables
    A list of outside resource people and how they can help

  • Long-term considerations
  • Advice as to:

    The selection of a manager
    Additional staffing needs
    How to define the relationship (if any) between the business and:
    Your spouse
    The Personal Representative of your estate
    The Trustee of your Trust

  • If the business is to be sold
  • Recommend a sale strategy
  • Identify potential purchasers
  • Suggest how to value the business
  • Identify persons who can provide tax and legal advice.




  • For answers to frequently asked questions in other areas of law, select
    Estate Planning
    Elder Law
    Real Estate

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    Disclaimer: The information contained on this site is not intended to provide specific legal advice nor does it create an attorney-client relationship.