Taking care of business

The Globe and Mail published an article last week on business wills. The author interviewed Lynne Butler, who blogs at Estate Law Canada, about the need for separate instructions regarding what will happen to your business on your death. As Lynne notes, the time to think about business succession (or really any type of estate planning at all) is when you don’t need it. In order to avoid panic, stress and the sale of your business at much less than it is worth today, it is in your best interest to think about business succession now and plan for the unexpected. Having a will and powers of attorney in place to deal with your company in case of your injury or death means protection for your family and your employees in the short and long term.