Good post Moderator Lee. You talk about temporary.
In the final analysis there is only one safe, simple and sure method
in the selling of a deceased shareholder or partners interest.
The execution of a binding buy sell agreement has several advantages
for the estate of the deceased.
Your attorney, your accountant and your insurance agent
should be able to draft a suitable plan.
Thanks, LUCKIEST, I'm glad you found it helpful. You added some great points as well.
Ideally, we always hope for the best, but prepare for the worst. Do you have a plan in place for your business in case you are suddenly unable to carry out your duties temporarily?
Making sure your directives are in place with a trusted person before any such need can ensure that things run as smoothly as possible in your absence. Be sure to update your plan and keep your designated stand-in up to date as well, going over details briefly and ensuring their continued cooperation at least once or twice per year. You may wish to consider possible legal concerns such a situation could bring up for you and your business and discuss these with a professional well before any such actions are necessary as well.
This will not only provide you peace of mind, but protect you and your business from unnecessary turmoil and potential loss in case of illness, accident, or other unexpected interruptions to your usual routine.
Any thoughts on such preparations or questions about making them?