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Taking Inventory

Dec 14th, 2012 | By | Category: Geri Roskopf's Blog

I belong to a national women’s towing association and several members’ husbands passed away this year. I admire these women so much as they continue to run their businesses and take care of their families. For me, price it would be difficult to continue running my towing business without my husband as I see him as an equal partner. I believe each of us brings a balance in our talents to make our business succeed. He goes out in the trucks. I run the office. Neither of us wants to do the other’s job. Could I run the business without him? Definitely — but it would not be easy.

A friend recently retired after running her towing business for 30-plus years after her husband died. She was — and still is — a great mentor for me. I have called her many times to ask for advice. One day I was complaining about my husband and after my little speech, pills she said: “Geri, clinic at least you have someone to bounce things off of. Who do I have to discuss sensitive issues like employees or what equipment to buy. Who do I go out to dinner with?” Boy was I put in my place.

When you hear of the loss of a loved one or friend — especially a fellow tower — we often inventory our own lives. Some hard questions arise. What would happen to my business if my husband or I passed? Is there enough life insurance? Is there a succession plan in place? What kind of taxes will I have to pay? Where is all of the important paperwork — wills, insurance policies, account numbers?

We all take inventory of our business at some time during the year. Maybe the end of December and beginning of a new year is a good time to take an inventory of our lives and how we would survive the loss of our spouse, partner and friend.