A Failure to Plan is a Plan to Fail (eventually)

A short story before we get to the point.

My parents just updated their wills and put some contingency planning into effect.  This is a great time for them to do this, because their circumstances have changed.  They have sold their house, and do not plan on living in any one place for longer than 6 months at a time.

Why should you care?  Why am I telling you this?

Because, this is a GREAT example of how most small businesses are run.  Yes, Entrepreneurs have grand ideas, and some planning, but the stuff that is more than a month or two away is fuzzy, and what is going to happen in 2015 is a guess by any stretch of the imagination.

Most business owners plan to adapt to whatever happens, and they don’t feel that writing it down is going to help them adapt.  The problem with this thinking is that while writing your plan down may not help you, it will help the people you work with and having it written down can help keep you on your preferred path.

The Plan:

So before leaving on the next stage of their travels, my parents sat down with some experts and got their stuff in order.  They are in reasonably good health, and fully capable of taking care of their affairs, so why do this now?

  1. They had not updated their plan in a while.  In fact, their old wills stated who the guardian for my brother and I would be.  >> Does