When you think about planning for the year ahead, it’s natural to focus on growth, strategy, and innovation—things that drive your business forward. But here’s a question many leaders avoid: What happens to your business and family if the unexpected occurs?
It’s not exactly the kind of thing we want to think about over coffee, but preparing for the worst can offer immense peace of mind and set your loved ones and team up for success.
Imagine this: a business owner unexpectedly passes away. Their company struggles to maintain operations because key plans and relationships weren’t documented. Family members are left scrambling, uncertain about finances, insurance policies, or even the owner’s wishes for the business. It’s a recipe for chaos.
You work hard to build something meaningful, both in your business and at home. Taking the time to create a safety net—what we call a "Golden Box"—is one of the most practical and thoughtful investments you can make.
Here’s what a Golden Box might look like:
This isn’t about creating a to-do list of morbid tasks; it’s about ensuring clarity and calm during tough times. Begin with:
1. A “Start Here” Document
This is a roadmap for your loved ones and team. Think of it as a guide to everything they need to know.
2. Legal Documents
Include your will, trust, and powers of attorney. These ensure your wishes are followed and decisions can be made without unnecessary roadblocks.
3. Key Contacts
Who are your trusted advisors—lawyers, accountants, and financial planners? Make sure their contact info is easily accessible.
4. Financial Overview
List your accounts, passwords (a password manager helps!), and any outstanding loans or obligations.
5. Personal Touches
Leave letters to your family, friends, or even your team. These can be practical or heartfelt, reminding them of what matters most.
6. Business-Specific Items
Think beyond your personal life. Does your team know how to carry on without you? Document your leadership philosophy, unshared strategies, or key deals in progress. Add an organizational chart with a plan for interim leadership.
Taking on this kind of planning doesn’t mean everything has to be done at once. Start small:
As a business leader, you know how vital preparation is. Why not apply that same level of care to your family and business’s future? By doing so, you’re creating a blueprint for resilience, allowing those who rely on you to thrive—even in the toughest moments.
Take the first step today. Because while you’re busy planning for success, planning for the unexpected ensures that success doesn’t unravel when life takes an unplanned turn.