What if something serious were to happen to you?  

What happens to all the highly confidential information, personal knowledge, and the legacy of your life and business?

You might say, “I don’t have lots and lots of money.” 

It’s not just money we’re talking about.  We’re talking about your legacy, and the memories you leave behind. We’re talking about the things that have meant the most to you in your life and your business.

Do the people closest to you have a way to access this information?

Here is a master list for you to ponder & create:

1. What is the name, address, and telephone number of your business?

2. Is it a corporation, partnership, or sole proprietorship?

3. If it is a corporation or partnership, who are the partners or shareholders?

4. What percentage of the business do you own?

5. Do you have a “buy/sell” or “stock redemption” agreement?  List the basic terms and the location of the document.

6. Is the buy/sell or stock redemption agreement funded by life insurance? List the insurance company, policy number, policy owner, and beneficiary.

7. If there is no buyout agreement, how will your survivor(s) receive your proportional share of the business?

8. Will your survivor have to bear any of the business’s liabilities or assume any of your responsibilities?

9. Does the business owe you  money? How much,  terms of repayment, and where are the loan documents located?

10. Do you owe the business any money? If so, list the amounts and terms of repayment.

11. Is there any pending litigation? If so, briefly list the details and you or your survivor’s exposure to future liability.

12. Who are the lawyer and accountant for the business? List their names, addresses, and telephone numbers.

13. Are you the owner (partial) in any patents, copyrights, or licensing agreements? List your percentage of ownership,     the patent/copyright numbers, and a brief schedule of anticipated royalties (and source).

14. What arrangements have you made for liquidation or continuation of the business at death?

15. Who are the key people to be contacted at death?

16. What are the passwords to your computer or important business documentation?

17. Have you made any verbal promises or assurances to any of your employees?

18. Does anything need to be done to ensure that employee compensation continues uninterrupted?

19. Who should you turn to if someone offers to buy the company from you?

20. Here is the list of my board of advisors and their contact information

If you want to review the details for your specific situation, reach out to me.

           source:  Tanglewood Legacy Advisors