The Company's Response to the COVID-19 Death of a Business Owner

HARTFORD, Conn., December 1, 2020 (Newswire.com) - ​Part of the tragic consequences of COVID-19 is the instability that a company faces in relation to the death of its founder. In his most recent podcast, Jack Veale outlines what a company should be doing before and after the funeral of their founder to ensure business continuity.

The tumultuous time surrounding the pandemic and the COVID-related deaths of thousands of business owners across the nation brings into sharp focus the need for a structured plan. Jack Veale provides that guidance in his podcast and related Sudden Death Checklist Workbook.

Here are a few of the topics covered in the podcast.

·         What to do with the items in the deceased’s work office. (Sorting between what is owned by the company and what is personal and should be returned to the family.)

·         Keeping key managers on board.

·         Updating bylaws

·         Dealing with partners, shareholders, directors, and ESOPs.

·         Tackling the insurance paperwork

·         Navigating between the company and the founder’s family

·         Communicating with employees and the press

·         Executing buy-sell agreements

·         Establishing the next leadership team

·         And much, much more

Here is the link to the podcast: https://www.youtube.com/watch?v=bBxgMHVIayY

In relation to COVID’s impact on business transitions, Jack Veale recently said, “COVID is making many companies face transitions much more quickly than they would have otherwise. The volume of details that must be dealt with and the decisions that must be made quickly are taking businesses and families by surprise.”

The answer to this business transition confusion is the comprehensive Sudden Death Checklist.

About the Sudden Death Checklist Workbook:

The workbook is intended to be used by business owners, trustees, and executors in conjunction with their key advisors (such as the family/corporate lawyers and wealth advisors) and their spouses/partners. It guides them in the process of working through gathering the information required in the case of the business owner’s sudden death. 

The workbook includes comprehensive checklists and instructions for an array of topics.

By using the “Sudden Death Checklist” that the business owner has wisely left behind for them, the surviving family and his company have easy access to all the documents that will be needed to process the estate and transition the business. 

About Jack Veale

Jack Veale, CMC, is an internationally recognized consultant, who advises closely held, family-owned companies, including ESOPs, on business succession, ownership strategy and leadership development. Jack uses many tools to assess the organization on culture, leadership, and operating performance. Over the last 25-plus years, Jack has assisted hundreds of companies in many industries and countries, offering solutions covering strategic planning, succession planning, corporate governance, team training, and crisis management.

Contact:

To learn more about the “Sudden Death Checklist,” please contact The “Sudden Death Checklist” Launch Team at:
PTCFO, Inc.  
48 Walkley Road, West Hartford, CT 06119-1345
Phone: 860.232.9858

Source: PTCFO Inc.