Handling the Unexpected in Business!

This is a time sensitive article in that, around the world, eyes and ears are following the story of the missing Malaysia flight – it’s been 2 weeks now since it has disappeared from the sky. This incident has caused me to stop and reflect on my own life, my business and my travel patterns. I travel 2-3 times a month on business, on average.

If you are anything like me, you’ve talked about (and considered) all the things you ‘should be doing’ to keep your life (and business) records up to date. The mysterious disappearance of the Malaysian airplane has brought that to the forefront of my mind these days – and it should be the same for you.

What steps and processes do you have in place for your business in the event of ‘the unexpected’? Let me list some things for you to consider – especially for those of you who are solopreneurs, like me. Now, I’m not a lawyer, nor a financial planner – or any of those specialized categories – but I do run a business and have a personal life that I have created that is pretty amazing. Emergencies can happen at any time – I want to be prepared – I have a moral responsibility as a business owner to be prepared.

YOU DO, TOO!

2) WILLS AND BANK ACCOUNTS.
Are your records current? Do you have a Will that is up to date – signed, witnessed and with the proper beneficiary identified? Do you have a Living Will and/or Personal Care Directive (I know the terms vary depending on what country you are in as you read this – but you get the gist of what I am talking about here).
For solo-preneurs – do you have a second signing authority on your business bank account? Seriously? What will happen to the money your clients have invested in you should anything happen to you? What has access to those monies? Does anyone else even know where you bank, the name of your Account Executive, and all things related to your business?

3) FINANCIAL PLANNERS/BOOK-KEEPERS/ACCOUNTANTS.
Do you meet regularly with these individuals who support you in your business? I call them my Board of Directors (they don’t know that – but that’s what they represent to me). Is there a document readily available that lists these people – their names, phone numbers, email addresses, location? These are key players in your business – if ‘your plane goes down’, who is going to keep the business going in the interim?

4) TEAM MEMBERS
Who are (or is) the trusted member on your team that has access to all of this information? This is the person who becomes a very KEY contact person in the event something unexpected happens to you. This person has access to the records that house your passwords, contact information, web code and oh so much more! Do your beneficiaries and executors know who this team member is?

5) EXECUTORS AND BENEFICIARIES
Do these individuals know the requirements of the ‘position’? Do they have access to any of your ‘Board members’ listed above, including the key person on your business team?
I am meeting with my lawyer as we discuss incorporating the business this year – my brother, who is my executor/beneficiary, has indicated that my business is getting too complicated for him to handle now. So, I took action – and have now listed 2 different Executors (one for my personal estate and one for my business) and 2 different beneficiaries – you’ve got to consider what happens should one die before the other. Have back up plans in place!

There are a lot of things to consider when you are in business – and, in particular, when you are in a service profession. It is our moral responsibility to have our affairs in order – whether or not ‘the plane goes down’!

Because, quite honestly, at some point in time – there will be an unexpected emergency. That’s life.

What if you were on that Malaysian flight – will you have lived your best life? If not, why not? If not now, then when?