Why Small Business Owners need a Will: Make a Will Week

Making a Will for your Legacy

Table of Contents

This week in British Columbia it is “Make a Will Week making this  a great time to talk about  why small business owners in particular need a will.

Over the past few years I have witnessed the pain and financial struggle, even ruin, more than a few small business owners have had to endure because someone in their life passed away without a written will.

Two scenarios come to mind that best demonstrate why this week, I encourage you to take 10 and make an appointment to get your will done.

Let others know why this matters! Click this ready-made tweet to share with your audience:

[Tweet “It’s Make a Will Week in BC: Why it matters for small business.”]

Scenario 1: Passing the Business On to a Family Member

When I met Harjiit, from the outside everything looked great.  He had an amazing production facility, great staff and a lot of loyal clients. At our first meeting I learned that 3 years prior his father who had started the business passed away without a will. He had worked with his dad in the company since he was a teen and they always talked about him owning it someday when dad retired.

Sadly before his 60th birthday, dad passed away leaving no formal plans to transfer the ownership to his son. Without a will, all assets that dad owned had to be sold including the business. Harjiit was able to use his portion of the estate to “buy”  the business leaving him with no cash and fortunately through hard work, great customers,  sheer determination and time he was able to rebuild.

Small Business Father and DaughterTake a minute now and image your own situation without a will. Everything by law would be sold and the proceeds would be divided by whatever rules were in place at the time. Now take those assets and divide them in half because at the time of deposal of those assets tax is paid on the full value up to 50% or more.  Is that what you would want to leave behind as your legacy?

Scenario Two: A Business Partnership

The second and equally tragic situation were two partners happily enjoying business growth in an exciting industry working towards taking their company public. In his mid 40’s, one of the partners passed away in his sleep. Not only had the surviving partner lost his best friend, but he would spend the next 3 years pulling their company back together entangled in costly legal battles.

The partners had talked excessively about creating a partnership agreement but never managed to get to the lawyer to lock it down. You see they were really really busy all the time. Because one had better credit than the other, most of the assets were in the name of the partner who had passed away, leaving an almost impossible situation for the surviving partner.

Having a will would have prevented these difficult situations.

What's Your Legacy? Why Small Business Owners Need a WillThese things can easily be sorted out with a quick trip to a Notary Public or Lawyer to document what you want to see happen when you die. I say “when” because we are all heading there eventually.

Why leave a  mess as your legacy ?  Instead with thoughtful planning now, people will focus on your amazing contributions to their life and celebrate everything about you instead of having the extra pain and confusion around their futures. Making your will now is just the right thing to do.

So this week is “Make a Will” week.  Talk to your family and business partners today to discuss your plans and then book your appointment to get that document signed off by before the end of the month. That way, it’s done and you and the people you love and appreciate won’t have to worry.



P.S. Do you have my new book yet?

Increase your own SEO by leaving a review, seriously , it works.

Available now:

I earn a whopping three dollars per book sold, so think of this as a labor of love to the small business owners in my life, you. Find out what all the fuss is about and get yourself a copy.

Amazon #1 Best Seller
Systems Business Coach Logo

The Small Business Field Guide

FREE chapter sent directly to your inbox!

The Small Business Field Guide | Systems Business Coach

The Small Business Field Guide

Written in clear, simple language with actionable steps, pragmatic tools and proven systems.


Small Business, BIG Opportunity

Systematize Your Business, Create Personal Freedom, and Live the Entrepreneurial Dream

Systems Business Coach Logo

Position Agreement Template

Have a reliable and organized team!

Systems Business Coach Logo

Target Market Analysis Template

Boost your sales with this questionnaire and customer profile.

Free Report

How the Canadian Government Supports Small Businesses with Training and Coaching

Systems Business Coach Logo

Top 10 Hiring Mistakes Guide

FREE download sent directly to your inbox!

Newsletter Envelope Icon

Free Download

Enter your email and we will send you our Tech Inventory Database for free!

Systems Business Coach Logo

Use this FREE cash flow planner to prepare for emergencies, hard times or growth. Accurately solve problems with the cash you have, not with the cash you are planning for.