By Dan Savage, Senior Vice President and Senior Trust Officer
What is a short-term contingency plan?
A short-term contingency plan is a strategic guide that can be used by your business to deal with your sudden, unexpected absence from the business, as in the case of disability or death. Your contingency plan should map out a procedure for the continuation of business operations that can be followed until longer-term plans are established. Even if you have made arrangements for succession of ownership of your business interest through your will or a buy-sell agreement, you still need a plan for succession of management. A short-term contingency plan can provide for the transfer of duties and continued business operations during the transitional period leading to the transfer of ownership.