So you've died, now what?So, you are laying in sweet repose and both family and friends are paying respects. What happens to your business if your passing was both sudden and unexpected?
So much of what a small business owner does is locked inside their head. What happens to the customers, employees, and business after?
In addition to planning for your business growth, you need to plan for what happens after you are gone. Is there someone to be responsible for maintaining operation of the business while a seller is sought for your business?
Does anyone know what the business is worth to avoid selling it for less than it should be? What are the tax consequences of your passing?
I don't think that anyone really is looking forward to answering those type of questions but they need to be answered. While everyone is grieving, give them one less thing to concern themselves with by planning for the unexpected (which includes your death).
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving you.
Richard J. Garcia | 08/13/2010