For individuals and families, this may involve decisions regarding your children while you are away. Watson gives the following example:
…. if you are leaving your kids with their grandparents, [the grandparents] can be the health care power of attorney for [your children] in case of an emergency.
Business owners have an additional set of concerns beyond personal and family matters. A succession plan that lays out how the business will continue to operate if the business owner meets with death or injury is necessary – and should be prepared as early as possible and preferably not at the last minute.
“Every business should be thinking of [succession planning]—it’s like buying insurance,” he says. “With no planning, we see far too many businesses die on the vine.”
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