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A critical or life-threatening illness is not something which only happens in old age. An illness such as cancer or heart failure can happen at any time. This information is for business owners who have a life-changing illness, as well as those who just want to know about the effects of serious illnesses on a business. The main aim is to help you make the right choices and direct you to the support services available.
Good websites to start with are: Cancer Council Victoria, Heart Foundation and Carers Victoria. See External Links to the right.
While the emotional impact of a diagnosis is often devastating, there are some first steps you can take to help both you and your business adjust to such a shock.
All businesses are different but when it comes to selling there are some common issues. These include: choosing the right time to sell, disposing of debts and liabilities, and getting a professional valuation of your assets.
If closing the business is your best option, some or all of these will apply: cancelling your business and tax registrations, knowing your responsibilities to your landlord and employees, and understanding how to apply for bankruptcy or liquidation.
If you’re thinking about getting a temporary caretaker to run your business, your main issues are contingency planning and finding the right person for the job.
Handing over the business is also called ‘succession’ as someone will ‘succeed’ (replace) you. Common issues are keeping the business in the family and planning for succession. Use our template to create your succession plan.
A serious illness doesn’t always mean you must stop working. However, people who choose to continue working often find they cannot perform as they used to, which requires a lot of emotional adjustment. How I managed cancer while managing my business is an interview with a businesswoman who is dealing with breast cancer while continuing to run her company. Continuing business as usual with cancer is a case study of a business owner with a very different approach.
Caring for someone with a critical illness who is also a business owner is a difficult task. You need to be prepared for your patient to go through significant changes, and know that as a carer, you will also have to endure some emotional suffering.
