With the onset of COVID-19, many business owners, contractors, insurers, and sureties are inquiring about succession and continuity planning. This guide is to help assist contractors and small businesses with navigating the issues.
What is Succession/Continuity Planning?
Succession/Continuity Planning is all about having a “plan”. What would your business do if the owner became incapacitated, ill or passed away tomorrow? Do you have a plan?
Succession/Continuation Planning typically involves the following components:
Have you identified the next generation of leadership should something happen to you?
Do you have the paperwork prepared to transition to the next generation should something happen to you?
Are your corporate books and records current and complete?
Do you have an established revocable trust for real property?
Do you have a complete and updated will?
Does your business have “keyman” life insurance on ownership?
These are just some of the questions that Succession/Continuity Planning should ask and answer. For contractors, these issues further cascade into topics such as suretyship and bonding, continuance of Contractor’s license and bidding implications.
Download the Succession & Continuity Checklist Now
Do I Need a Succession/Continuity Plan?
Yes. All businesses, large and small, should have a plan in place. It is important the paperwork for your plan is detailed and enforceable. For additional information on Succession and Continuity Planning please contact James H. Millane at email@example.com or call 1 (714) 451-7754.
The information contained herein is not advice and should not be treated as such. You must not rely on the information as an alternative to legal advice from an appropriately qualified attorney.