Keeping Your Business Afloat After Losing Your Partner

Keeping Your Business Afloat After Losing Your PartnerIf you have been with the same business partner since the formation of your venture, it can be especially difficult to know what to do in the event that your partner leaves or passes away. Conducting “business as usual” be will challenging from both a personal and a professional perspective, and you will benefit from an ongoing relationship with an attorney. At some point, you will need to determine what to do with the business. Assuming that you plan to keep it and continue operations, below are several tips to help you get back on track and figure out what to do.

Start by gathering critical information if your partner was in charge of filing that or maintaining it. This might include account numbers, passwords, and any relevant insurance policies. Now is also a great time to review all of that information and determine whether you want to continue accounts and policies that may no longer be necessary or matched to your needs. The next step is to make yourself aware, if you are not already, of the existing financial information. Knowing in advance how to manage payroll and any cash flow can be helpful.

Don’t forget that you have hired talented and qualified professionals to be on your team, and this is your chance to lean heavily on them. Spend some time with each of your employees getting a sense of what they do and determining who might be able to pick up additional tasks, if needed. Make sure to keep in contact with current customers and to make them aware of your plans to stay open as well.

Developing detailed business plans and consulting with an attorney is a wise move during this time. You may need to develop a new succession plan and make some changes in the business, and an Illinois business attorney can help review all of your needs.