Business Planning, What Happens When I Die, Business Preparedness, Business Contingency Planning Jodi Laking Business Planning, What Happens When I Die, Business Preparedness, Business Contingency Planning Jodi Laking

How to Create a Business Contingency Plan

A business contingency plan prepares your company for unexpected events that disrupt operations.

These events may include:

  • illness or injury

  • accident or hospitalization

  • death of the owner

  • death of a family member or loved on

  • natural disasters

  • cyber incidents

  • economic disruptions

Contingency planning helps businesses remain resilient and protects economic stability.

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What Happens When I Die, Business Preparedness, Business Executor, Who is your Executor, Business Contingency Planning Jodi Laking What Happens When I Die, Business Preparedness, Business Executor, Who is your Executor, Business Contingency Planning Jodi Laking

Executor Responsibilities When a Business Owner Dies

An executor is responsible for managing the estate of someone who has passed away.

When a business is involved, the executor’s responsibilities may include:

  • determining whether the business will continue operating

  • managing financial obligations including accessing business accounts

  • communicating with employees and clients

  • working with lawyers and accountants

  • protecting the value of the business

Executors must carefully navigate legal, financial, and operational decisions to preserve the business’s value.

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Business Planning, What Happens When I Die, Business Preparedness, Succession Planning Jodi Laking Business Planning, What Happens When I Die, Business Preparedness, Succession Planning Jodi Laking

Business Succession Planning for Canadian Entrepreneurs

Business succession planning is the process of preparing for the transfer of ownership and leadership of a business.

Despite its importance, very few business owners have a formal plan.

Studies indicate that only about one in ten small business owners in Canada have a formal succession plan.

Yet small businesses represent roughly 98% of all businesses in Ontario and employ millions of people.

This means many businesses remain vulnerable to unexpected disruption.

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What Happens When I Die, Business Preparedness, Business Executor, Business Contingency Planning Jodi Laking What Happens When I Die, Business Preparedness, Business Executor, Business Contingency Planning Jodi Laking

What Is a Business Executor?

When a business owner becomes suddenly unavailable due to illness, accident, hospitalization, or death, someone must step in to manage the immediate operational decisions.

Many entrepreneurs assume their spouse, family member, or next-of-kin will be able to handle these responsibilities.

But in reality, this can be extremely difficult.

Consider the following questions:

  • Does your spouse or family member understand how your business operates?

  • Do they know how to access your systems, files, and accounts?

  • Would they know what to do in the first 24–72 hours after something happens?

  • Would they have the emotional capacity to manage business decisions while dealing with a medical crisis or loss?

For many families, the answer is no — and that’s completely understandable.

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