As a small business owner or partner, you may wonder what would happen to your business should anything happen to you. It s likely these questions have crossed your mind. You may feel you have the answers, but before you take that leap of faith, take a look at these common myths and consider a reality check. My Spouse Can Run the Business In many cases, the spouse neither wants to nor is capable of running the company, regardless of what is discussed while both parties are still alive.
Small businesses are often dependent on the marketing, technical or managerial skill of the owner.
Take that away and the business may fail. A Competitor Will Buy the Business Possibly, but this may not happen to the advantage of the surviving family. Sometimes, business owners think they can prearrange who will one day buy their business. But competitors are typically reluctant to share confidential and proprietary information with one another a necessary precondition to ascertaining a fair price for the business. Each owner of a small business usually makes a very specific and important contribution to the business or has a special skill that is extremely hard to replace.