Of the different business forms, proprietorships and partnerships need business continuity planning most because unless there are well thought out plans, these businesses often die with the death of the owner(s).
Corporations are a separate legal entity and they survive the death of shareholders but there are many problems that can arise if there are no shareholders agreements or other business continuity plans. Financial losses are not the only consequence if there are no continuity plans. Relationships can be strained and even families can break up. Besides the well-known buy and sell agreement, there are other ways to ensure an efficient and successful continuity plan.
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