Fenner, Melstrom & Dooling PLC
Accountants who think like business owners.
We are your strategists, advisors and confidants.
We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.
Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself.
Business Succession and Disaster Planning
Business owners should have an exit strategy: a plan for the time when they’re either unwilling or unable to keep running their company. Often, that planning can include a current disaster plan and a future long-term succession plan for a smooth path to retirement.
Worst case scenarios
No matter how young or how healthy you are, you’re not immune to tragedy. Therefore, business owners should have a disaster plan, which might be called a continuity plan or something similar. Such a plan can protect you, your family and your business in case of death or disability.
To understand why such a plan is vital, consider what might happen in its absence.
Example: John Smith is the sole shareholder of the successful John Smith Co. After a fatal auto accident, his widow Jane inherits John’s shares. At such a time, Jane will have to find a buyer and negotiate the terms of the sale. Jane may have a difficult time getting full value for this profitable business.
Alternatively, John might lose his ability to work full-time. In the absence of a disaster plan, John...