Owners continually strive to grow the value of their businesses. It's critically important that the monetary value created in your business is preserved, in the event of your unexpected death or if you suffer a permanent disability. The financial security of your family should not be dependent upon your long life and good health.

Death or disability should be viewed as an exit path that requires the same level of planning and execution, as does a sale to a third party or a lifetime transfer to family members or employees. Ask yourself the following questions:

• What happens if I die or become permanently disabled tomorrow?
• Will my family be able to maintain the lifestyle I want for them?
• Will my business survive?
• Will my business be able to be sold or transferred in a financially responsible manner?

If you are deeply involved in your business, your death will cause your employees, customers, vendors, and bankers to reevaluate their relationships with your company. Your key managers are likely to be solicited by your competitors, and your bankers and vendors are likely to seek a replacement for your personal guarantee. Unless you have implemented certain measures to assure a minimal disruption of your business, your death may result in a mortal blow to your business.