^Blog Cathedrals and the Importance of Planning Ahead

Five years ago, I visited Notre Dame Cathedral in Paris. It was magnificent to see in person. I was in awe of the intricate details, the work that went into it, and what it represented culturally. Maybe you’ve had a chance to see it (or another building like it) and felt the same?

Now, fast forward to April 15, 2019 when fire ravaged sections of the cathedral. I felt a sense of dread over what might be lost. The videos and pictures coming out of Paris made me cringe because each picture looked worse than the one before. This overwhelmed me. But I learned something:

They planned for this!

As it turns out, this is not the first cathedral that has been destroyed by fire, war, or otherwise. It likely won’t be the last. Because of that, they made a plan that apparently looked like this:

1) Save the people

2) Save the art

3) Save the altar

4) Save the furniture

5) Save the structure

This plan ensured that when the unthinkable happened, everyone was on the same page and worked to minimize the damage. It saved lives, art, and other significant items. It even went so far as to plan for a human chain to transport items out of the church. While the plan couldn’t save the entire structure, it did minimize the damages and prioritized the irreplaceable ahead of the replaceable.

As we all know, the fire was extinguished and it’s time to rebuild.

So, why am I writing this? Because seeing this happen and hearing about this planning reminds me how important it is when we plan for business families that we talk about all scenarios, even unlikely ones. In the event of the unexpected, business families face the same risks as non-business families, and then a few more on top of that.

As unlikely as it might seem that your business could be affected by an unexpected death or disability (perhaps yours, a key employee, or a partner), a sale of the business, or the retirement of a shareholder, these events do happen, and it might happen sooner than you think. You’ve spent years building your business, and it’s important to implement a plan to safeguard it.

Having a good plan for your business is priceless. It provides peace of mind knowing that you have identified potential blind spots, acted on your opportunities, and that you’re ready for when the unexpected happens. It’s what our planning process at Three60 is designed to do.

At Three60, we recognize that peace of mind can’t be bought. That said, having a plan so your family and your business are ready for the unexpected comes pretty close.

If you are looking to transition beyond your business, the advisors at Three60 Wealth & Estate Solutions can help. Three60 Wealth helps business families reclaim their time, gain peace of mind and achieve their own unique version of success. The team of Calgary-based wealth and estate planners have curated a trusted network of professionals to eliminate your planning blind spots and identify potential opportunities you may not realize you have.

For a truly different financial planning experience, contact our office online or at 403-640-4414 to schedule an introduction meeting.

Authored by: Wayne De Boer, Wealth & Estate Planner at Three60 Wealth & Estate Solutions Inc.