Succession and contingency planning for business
Succession and contingency plans help reduce the disruption to business if a business owner or operator retires, bcomes ill or disabled, or dies. A good succession or contingency plan, created in advance, can actually increase the value of a business.
Succession and contingency plans can be used as a guide to manage transition from one owner to another, and assist the new owner or manager in anticipating and managing change. To be useful, the plans should be realistic and workable.
Use the Critical Information List (DOC 218 KB) template to create a detailed file which can by used by someone else (e.g. your power of attorney) to make financial and legal decisions on your behalf.