Updated: Feb 17
1. Made ready for use.
2. Ready to do or deal with something.
There are somethings no one can be prepared for, like the pandemic none of us saw coming while we were celebrating the new year; however, in business there are several matters that business leaders can prepare for to keep business running smoothly. Transition planning is one of those basic business plans no one likes to think about but everyone at some point needs to plan for succession.
Recently The KF Group has been involved in a situation that is very difficult because even though some preparation had been made and thought had been given to transition, nothing was actually written down to execute.
As a business owner, insurance takes care of catastrophic events, but what happens if you do not die but are too incapacitated to make legally binding decisions?
This is the situation we are currently in with a client. While the business owner eventually passed away, Alzheimer’s came on very quickly and the owner was not aware enough to draft a plan, so there wasn’t much lawyers could do until the business owner passed away. The business partners suffered and the pre-Alzheimer’s business and the business that remained at death were two very different companies.
Most businesses cannot withstand years of legal fluctuation while someone is in critical care.
As you go about your business planning, think about the transition issue in your business. What's going to happen if you are not there? Don’t think about it in terms of you're not going to be there 20 or 30 years from now. Think about it, if you're not there tomorrow.
Think about if you're disabled and don't die.
“A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.” - Brian Tracy
Insurance takes care of the transition at the point of death. What takes care of the transition at the point of disability? This is where planning comes into play and having thoughtful, experienced advisors as part of your team becomes a critical matter. We are here to help businesses work through transition planning before any major events happen, so when they do, a plan is already in place and everyone can rest easy that the business will be taken care of.
Larry Felts has over 40 years of professional service and has learned that his greatest satisfaction is derived from being part of the successes of family, friends and colleagues and clients. This has fostered a focus on building relationships, not just a book of business.
Being part of a firm where the focus is on the clients' success, is a true blessing. For those that seek a firm and a seasoned professionals to help you achieve your visions, The KF Group is ready to serve.