Two Paths
On the first path, the future for
your business emerges organically.
You simply let the business run
its course. In this case, one of the
following events is likely to occur:
• Due to illness, injury, or the
need to care for an ill family
member, you are no longer
physically capable of operating
your business and the business
is not sustainable without you.
• You die, and your business
(i.e., assets and liabilities)
becomes part of your estate.
Your beneficiaries determine
the future of your business,
based on the provisions (or lack
thereof) in your will.
• You lock the doors and walk
away. The business is not
sustainable; once you have
paid your expenses there
isn’t enough left to pay you. In
the worst-case scenario, you
have exhausted your savings
and your retirement funds;
perhaps you are even taking
debt with you beyond the life
of your business.
• Someone else decides it is time
to close the business. Often, this
is the result of intervention by
another entity or person, such
as a bank, tax agency, investor,
landlord or business partner.
On the second path, you actively
create the future for your business:
• You make a conscious choice
to wind down and walk away
from the business. By taking
specific steps, you ensure
your clients will be supported
going forward and your
business affairs are closed out
methodically. You leave the
business feeling complete and
you meet all legal requirements
to dissolve the entity.
• You gift the business to a family
member, a coaching colleague
or another entity to continue
your work. This outcome
assumes your identified
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