This is the second part of a two part article written by AutoSalvage.com Consultant Tammy Sturgeon. In the first part, Tammy described the sudden passing of her mother and shared some thoughts on how to cope with losing someone vital in business or someone who is a vital part of your family. If you missed last month’s installment, find it here.
My mother was a very thoughtful person and she understood how difficult her passing would be for those still here. One of the things she and my father did was to make all of their own funeral arrangements. Although, for some this would be difficult, for mother it was another way to spare those left behind hundreds of details in a time of deep sorrow.
In my job as a consultant, I see a great many very successful entrepreneurs who are doing, earning, getting, and achieving. Part of the lesson that I learned from my mother’s example is the value of planning. She did not wait to make her estate plans until she became ill; she planned long before that. Smart entrepreneurs need to make succession plans for their businesses. Smart people need to take the steps to make sure they have given prudent thought to how to leave their affairs in good order.
Fortunately, there are a few easy steps that can really help. Consider designating an Executor who can step in immediately to manage your personal and business affairs if you are incapacitated. . Consider executing a power of attorney for this person so that your affairs will be in the hands of someone you trust should the unthinkable happen. The power of attorney may be special or limited, or general.
Consider seeing an attorney to prepare a living will and other documents to make your intentions concerning medical care known to your loved ones or your health care providers. Remember the case of Terri Schiavo in Florida. The courts fought for years over conflicting accounts of her end-of-life wishes. Put yours in writing and make sure that all the relevant parties know your intentions.
A surprising number of people are still getting around to doing their estate planning. My mother’s example reminds me of how little we know about how long we will be here. Get your estate planning done today. If you have an estate plan, is it current? Wills need updating if there has been a change in your estate or family makeup.
Finally, have a succession plan for your business or have liquidation plan in your will or testament. Nothing can erase the hurt of losing a loved one, but careful planning now can make it easier for all those who are left behind.
Don’t forget to go the website for my new book, www.greenweenies.com, to learn all the backroom business terms. There are 1,200+ terms in over 300 pages, with hilarious illustrations by world famous Gahan Wilson. You can register there for your free weekly “green weenie.” If you want to know what a three fingered booger is, or what’s in a train wreck envelope, it’s the only place to go!
Remember only you can make business great!
Ron Sturgeon, Mr. Mission Possible, has been a successful business owner for more than 35 years. As a small business consultant, he can deliver wisdom and advice gleaned from an enviable business career that started when he opened a VW repair business as a homeless 17-year-old and culminated in the sale of several businesses he built to Fortune 500 companies.Ron has helped bankers, lawyers, insurance agents, restaurant owners, and body shop owners, as well as countless salvage yard owners to become more successful business people. He is an expert in helping small business owners set the right business strategies, implement pay-for- performance, and find new customers on the web.
As a consultant, Ron shares his expertise in strategic planning, capitalization, compensation, growing market share, and more in his signature plainspoken style, providing field-proven, and high-profit best practices well ahead of the business news curve. Ron is the author of nine books, including How to Salvage More Millions from Your Small Business.
To inquire about consulting or keynote speaking, contact Ron at 817-834-3625, ext. 232, rons@MrMissionPossible.com, 5940 Eden, Haltom City, TX 76117.