Every business owner should make sure to prepare their personal disaster recovery plan. This plan should say what happens to their business when something happens to them. No one wants to think through the things that can happen. Death is the obvious one, but what about an extended illness, even a short term illness, or, what some fear most, a permanent disability? Do you have a plan to address all those things?
You need to evaluate your plan in several different ways. First, look at the impact any of those events might have on your family. And of course, what about your business? Don’t forget to add into this plan what should happen if it is not you who has the event occur – what if it is your partner or key employee? Do you have a plan lined up in case something like that should happen to your business, too?
It makes far more sense to spend some time getting your plan together now, while you have time and can figure everything out easily, rather than wait til something occurs and then be left scrambling to figure everything out. And of course, if something drastic were to happen to you, you may not be able to figure out a disaster plan after the disaster! When it comes to personal planning, the stakes are very high.
In other words, this exercise is important, and while it can be extremely challenging for some who seem to think they are immortal, it’s more than likely that you will need to execute some sort of continuation plan at some point in the future. Whether it’s an unexpected event/accident, or just calmly passing on your business when you are ready to retire, it will happen – you won’t always be the business owner. So please, if you don’t already have a plan in place, start planning for your future today!
Need help with your disaster or continuation plan? Call RLO Training at 1-800-755-0988 today!