Carol Chen’s Nainai died. She was over 80 years old, so Carol tried to be happy she had lived so long. Nainai’s employees at the Lucky Phoenix created a delicious funeral spread. After the funeral, Carol learned that Nainai left her the Lucky Phoenix.
David Diggory graduated from college. His parents threw a party for him. At the party, David’s father shook his hand and said "Congratulations, the garage is yours now, son. Your mom and I are off to Florida!" Carol and David are now business owners. Now what?
Getting Started
Now that Carol and David are business owners, they need to look into commercial insurance. First, they need to assess the property, see if it’s worth insuring, and keep running. Determine the overall value of the business including property and equipment. Because Carol got her restaurant due to the previous owner’s death, she has nine months to pay the estate taxes, but she can ask for a six-month extension. Hopefully, the previous owner will have left behind a succession plan and a business plan for you to review. Let’s say Nainai and Mr. Diggory did.
What’s Next
Time to let everyone know who’s in charge. David knows all the mechanics at the garage, but they need to know who the new boss is and if there will be any changes. Carol met the cooks at the funeral but needed to introduce herself to the waitstaff. Both of them need to let vendors and regular customers know about the change. They also need to keep finances in mind and chase down unpaid invoices.
Integrity Advisors Agency LLC Serving San Antonio, TX
If you need commercial insurance in the San Antonio, TX area, contact Integrity Advisors Agency LLC. We’ll treat you right.
