Business Owner Death: 5 Step Plan [INFOGRAPHIC]

This infographic visually summarizes the 5-step plan for business owners to prepare for the continuity of their businesses in the event of their death. The first step highlights the importance of writing a Will and Power of Attorney, which allows a designated person to manage the business and personal affairs of the deceased owner.

The second step emphasizes the need for a Company Constitution or Shareholders Agreement for Pty Ltd companies to outline the procedures in case of the owner’s death. In the third step, the infographic advises business partnerships to have a written and signed Partnership Agreement to set rules for the handling of the deceased partner’s shares.

The fourth step focuses on appointing and training a successor to ensure the business’s survival. Lastly, the infographic illustrates the importance of creating a Business Continuity Plan, also known as a “Hit by a Bus Plan,” to ensure a smooth transition of responsibilities and secure access to important documents and information.