How Can I Protect My Business in Case I Develop a Serious Illness?

What happens to retirement in bankruptcy?

As a business owner, you have probably asked yourself at one time or another, “How can I protect my business in case I the worst happens?” Chances are, the answer to that question has eluded you, leaving you and your business unprepared if you develop a debilitating illness or pass away. There are certain events in life that are extremely difficult to prepare for. In some cases, it is because the event is unexpected. Other times, it’s because what we have to plan for is something we’d rather not think about actually happening.

However, whatever holds us back from preparing for certain life events, if we have dependents and/or own a business, it’s crucial we overcome our reluctance and do what’s necessary to protect our family and business in case there’s a financial collapse, we develop a serious illness or we die.

What Do I Need to Do to Protect My Business in Case I Become Seriously Ill?

Entrepreneur magazine’s website recently featured an article with tips for how business owners can prepare for the worst:

  • Put together a great management team that you can count on to carry out your vision and provide you with the support you need to make it through tough times.
  • Make sure you have a financial plan and wealth plan in place and that your plans address contingencies for financial setbacks, medical issues and death.

Can a Lawyer Help Me Protect My Business?

In the video below, business litigation attorney Gary Mason explains why having a lawyer helping you protect your business is not only beneficial, but also crucial to ensuring you are prepared for any problems your business could encounter.

The New Jersey business attorneys at Garland & Mason have years of experience successfully protecting the rights of small business owners and their families.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.