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Make business decisions when critically ill

Make the best decisions for you and your business.

On this page

  • Support to make the right decisions
  • Communicating the change
  • Dealing with stress

Support to make the right decisions

Selling, closing or handing over your business during a critical illness is a big change but you don't have to do it alone.

Use the following support services to assist you in making the right choices for your health and your business:

  • use the Work Welfare Wills website as a guide to your will, power of attorney, superannuation, insurance and Centrelink entitlements. This is a website for people with serious health issues
  • you'll need an accountant or lawyer to clarify the legal requirements of handing over, closing or selling
  • use the Small Business Mentoring Service website to investigate working with a mentor who can guide you through the change and help you deal with your illness
  • your illness will almost certainly change your business insurance needs. If you don't have an insurance broker, go to the NIBA needabroker website to find a broker in your local area.

Communicating the change

You should consider doing the following:

  • organise meetings with people who will be immediately affected by the change e.g. business partners, bank managers, guarantors, suppliers and key customers or clients
  • if you're an employer call a staff meeting to explain your illness and why the change is needed. If staying open encourage staff to stick with the business as you expect it to stay in good shape
  • get position descriptions prepared for each member of staff and make this part of the handover to your successor so they have a clear understanding of individual responsibilities
  • it's worth considering some ongoing, professional grief counselling. Ask your doctor about a local counsellor or phone service, or go to the National Association for Loss & Grief (Victoria) website
  • for situations of extreme stress, anxiety or depression, go to the beyondblue website or ring their Infoline on 1300 224 636. For urgent crisis counselling, ring Lifeline on 13 11 14.