Modern Tire Dealer

APR 2019

Magazine for the professional tire industry

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B u s i n e s s I n s i g h t M T D A p r i l 2 0 1 9 62 Your spouse should do the same on their computer, using the same file name so you don't have to remember what the other one called it. 3. A business continuity plan — is should be at home for your spouse and list things like your daily, weekly, monthly and annual tasks, and when things are due to be completed. Keep in mind the level of knowledge your spouse has of the business, and write the procedure based on their level of knowledge. What do you check on Mondays? What are your benchmarks? When do you phone in payroll? How do you calculate payroll/ bonuses/commissions? When do you renew your insurance? Who do you get back-end monies from? What are the terms of those agreements? What loans are outstanding and what is the contact information? Who is your lawyer? Your CPA? Insurance agent? What are your partnership agreements? Do you have someone in mind who could help your spouse manage the business or guide him/her when questions arise? Let me take a quick side note here to mention that if you have partners in your business, you might want to consider having the company purchase insurance on each partner that would buy-out the spouse in the event of a partners' death. You've agreed to go into business with your partner, but did you agree to go into business with your partner's family? Your partnership agreement should be amended to lay out the details of a buy-out. 4. A will — Even if you are married, the transfer of a business is a big deal, and you don't want it going through the courts. A clear, professionally drawn will can save tremendous headaches for your spouse. e last thing you want is it going through probate and if your spouse does need to shut down the business, having unpaid vendors making claims against your assets. Better to keep it clear and separate, and if necessary, let your spouse file bankruptcy on behalf of the business. Be sure to also list out on a separate sheet of paper all your bank/financial/retirement accounts, life insurance policies, and notate where any monies may be hidden like the false wall behind a drawer or buried in the yard 15 paces from the oak tree. 5. Planning your final wishes — Don't delay the hard conversa- tion of what the plans are in the event one or both of you pass away. is is such a tremendous hardship on spouses who have put this off, because psychologically at this time, it is naturally difficult to make decisions. is is a very comprehensive list and sounds daunting. If you break down the things necessary, you should be able to get all these things done in one productive day. I don't necessarily suggest that, rather devote an hour a day to different tasks and ask your spouse to hold you accountable to get it done over a two-week period. It is just the kind of push we all need. Delegate what you can to your staff by assigning certain parts of the store emergency procedures manual to your teammates. Once everything is complete, one copy of the emergency procedures manual should be in the store and an additional copy should be kept in a safety deposit box, including any electronic versions on a thumb drive. Annually, go through all the documents and update anything that has changed. Just think how many of these items have changed in your life over the last year. Now take a deep breath of relief in knowing that you have done everything in your power to ensure your family will have one less thing to worry about. Who knows, maybe by relieving that stress, you will keep the tragedy from occurring for a very, very long time. ■ George Kingman is executive director of Dealer Strategic Planning, the DSP 20 Group. He can be reached at George@dsp-20group.com or (704) 506-2164. See the website www.20DSP.com. ©GETTYIMAGES.COM/STOCKNSHARES

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