Support to make the right decisions
Selling, closing or handing over your business during a critical illness is a big change but you don't have to do it alone.
Use the following support services to help you make the right choices for your health and your business:
- Have an accountant or lawyer to clarify the legal requirements of handing over, closing or selling your business.
- Use the Small Business Mentoring Service website to investigate working with a mentor who can guide you through the change and help you deal with your illness.
- Your illness will almost certainly change your business insurance needs. If you don't have an insurance broker, go to the NIBA Need A Broker website to find one in your local area.
Communicating the change
You should consider doing the following:
- Organise meetings with people who will be immediately affected by the change – for example, business partners, bank managers, guarantors, suppliers and key customers or clients.
- If you're an employer call a staff meeting to explain your illness and why the change is needed. If staying open, encourage staff to stick with the business as you expect it to stay in good shape.
- Get position descriptions prepared for each member of staff and make this part of the handover to your successor so they have a clear understanding of individual responsibilities.
- It's worth considering some ongoing, professional grief counselling. Ask your doctor about a local counsellor or phone service, or go to the GriefLine website.
- For situations of extreme stress, anxiety or depression, go to the Beyond Blue website or call their infoline on 1300 224 636. For urgent crisis counselling, call Lifeline on 13 11 14.