The Pharmacists First Guardian

Memorial Day: Setting a legacy

Posted by Benjamin Coakley on Tue, May 23, 2017 @ 02:44 PM

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With Memorial Day approaching, it has us thinking about what we want our legacy to be, and about how, as a business owner, you can choose the legacy you leave behind.  

A quick story for you. One client that we worked with some time ago, was a pharmacy where the original owner, and primary pharmacist, passed away unexpectedly. The pharmacy the only one in a small town and there was no contingency plan in place. In an effort to keep the family business alive, the pharmacist’s son quit his career and uprooted his family – almost costing them everything. Luckily, after some time, everything ended up working out in the end, but as we spoke with the son about his goals for the pharmacy – his main vow was to set up his own legacy plan so that he can guarantee that his family would never have to go through that again.

No one can prepare for what lies ahead. We all tend to think that “it won’t happen to me”, but is that a risk worth taking? Are you willing to put your family through the jeopardies and the emotional roller-coaster that goes with not only losing a loved one, but acquiring a business they may know very little about?

There are a variety of things that we can all do, today, that will help shape the legacy we leave behind.

  1. Set up/Review your will: many business owners do not have wills, or have not updated them in some time. This worksheet will help you get your will established.

    Get the Will Setup Worksheet

  2. Survivor Needs analysis: this report shows a business owner if their family is prepared in the case of an unexpected death. (CTA: request more info)

    Request More Information on the Survivor Needs Analysis

  3. Debt Reduction Planning: Work with one of our team members to put an action plan in place to shorten the duration of any debt carried by a business owner, so that debt does not get passed on to their next of kin (CTA: request more info)

    Request a copy of our  Debt Reduction Tool

Fill out the form below and we can offer you a plethora of other tools to help you prepare for the unexpected, and make certain that your legacy is one that shows your family just how much you think and care about them.

In closing and in honor of Memorial Day:
Today, we offer up a moment of silence, for all the brave men and women, that protected our freedom, and did not return to be with us today. Our hearts go out to their friends and families this Memorial Day.

Tags: pharmacy legacy, community pharmacy legacy, savings, financial plan