Soar to Success November 2021

Who Would Run Your Business If You Had a Major Health Event? By Karen Cupp W ithout any notice, someone’s life can shift through illness, accident, or family emergency. Forethought and preparation, enable you to structure your business to run without you in the event of a short term or long-term absence thereby taking care of your investment and your business. Giving consideration and acting on this plan will empower your wishes to be carried out and give peace of mind to those you love. Two scenarios are short term and long term. Short Term could be considered six months during which time someone would step in and manage your business. Long term refers to an indefinite timeframe requiring a transition of your investment management and decision making. Two components in your planning are authority and operation. Consider separation of these positions so that there are healthy checks and balances. The authority component carries a fiscal responsibly designated to handle the decision- making aspect of your business. This should be someone you trust that has the integrity and skills to run your business the way desire. Do not get tempted by emotions and select a familymember if they are not suited for the job. Limited authority can be delegated by adding a