Have you ever considered your mortality? What would happen to your business if something happened to you? How would your family cope if the unthinkable occurred?
Yes, it’s horrible to imagine.
It’s something you don’t want to consider but it’s absolutely necessary before starting your business. Of course, it’s never too late even if you already have a business.
Back in my agribusiness banking days there was a client who lost her husband in an accident. He had life insurance but that takes time to be released. All their bank accounts were in joint names and had to be frozen on his passing.
Here was a lady who had just unexpectedly, traumatically lost her husband who then didn’t have access to any money until the will was executed. It’s a situation you wouldn’t wish on your worst enemy.
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