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Business planning can help when tragedy strikes

Quite a few Georgia residents are small business owners. Many of them have companies that they run with their spouses or other family members. If tragedy strikes and there is no plan in place for how to keep things moving forward, the business may suffer. This is just one reason why business planning is so important.

People who keep tabs on small businesses turned into major companies may be familiar with the Hed Cycling story. This company was started in 1984 by a couple who went on to get married — he, Steve, an inventor and she, Anne, an avid cyclist. He created a wheel that intrigued the cycling world, and she helped him get the funds to produce more of them. Their business started out small, but in 20 years time it had grown significantly and was set to grow even more after a deal was made to work with Cervelo Cycles in 2014.

Shortly after the deal was struck, Steve suffered a major medical event at their factory and passed away. For some, this tragedy would be enough to stop everything, but with a plan already in place, Anne knew what she had to do to keep their company going. Four years later, Hed Cycling — which is based in the Midwest — now employs over 55 people and boasts a revenue of nearly $10 million.

When tragedy strikes, it is easy to let things fall to the wayside — even one’s business. That does not have to happen, though, With careful business planning, it is possible to keep one’s company moving forward. Business owners in Georgia can turn to legal counsel to help them plan and prepare for any potential twists and turns that may arise down the road.

Source: Forbes, “Can A Small Business Survive Tragedy?“, Paul Spiegelman, April 24, 2018

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