Just In Case Something Happens to Me…

Just In Case Something Happens to Me…

by Edwin A. Hoover, Ph.D. CMC
and Colette Lombard Hoover, M.S

LSi Resource for Family Business Management

Editor’s Note:The company described in this article is not an actual company but is a composite based on many family businesses we have worked with.The names are fictitious.

The last thing Judy Richardson expected was that her husband Gary would not make it out of the recovery room, dying from complications related to hip replacement surgery. Gary was only 61.The doctors assured him that the risks were few given his good health.No one imagined that a blood clot would tragically end his vibrant life.It was impossible to imagine the impact of the hole left in his family and in the business which he founded and ran for twenty-two years.”Thank God,” said Judy, “Gary left us those instructions about the business!”

Judy referred to the Emergency Management Transition (EMT) letter that Gary had written barely a year before his death.Like most successful entrepreneurs Gary was enthusiastic, optimistic and hard driving.The very same characteristics that make business owners successful also make it difficult for them to think about their mortality and planning beyond it. More…