Business overhead protection
When the inevitable happens and a co-owner dies, the business normally faces a turbulent time. The business may be catapulted into a crisis. Remaining owners, employees, and clients need to come to grips with the fact that one of the main drivers of the business is no longer there. Normally in spite of the best efforts, it impacts the business in the critical 6 to 12 months after the death of such an owner. If the business closes due to a lack of succession planning, it becomes seriously exposed to overheads that exist because of longer-term agreements.