Your family depends on your business’ income to survive.
Further, you may have taken out loans backed by your family’s assets to start or grow the business. That’s what my family had to do. But your family members might not be equipped to take over the business if you die. They might also be unable to sell it easily. This could leave them without income or even in a position to lose their home, if that’s collateral for a business loan.
If your family is forced to sell the business quickly, they may have to sell at a discount or during market conditions that make the business less attractive. In other cases, the business may be worth very little without you or a partner.
These are some reasons why business continuity are so important.
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Centric’s Strategies for Business Continuity
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