Managing a Family Business Disaster

Managing a Family Business Disaster

by Richard L. Narva
Principal Consultant, Genus Resources, Inc.

What happens when two brothers who are the owners, directors and the CEO’s of a business are suddenly in a plane crash?What happens to their employees and their customers, to their community, and the network of people who depend on their company?What happens to a family business that loses its leadership, its heart and soul, and its owners in the blink of an eye?

What do you do when there is no one to sign the payroll check due to be issued in 48 hours and there is no board of directors to authorize anyone new to sign? Who helps the employees who have decades long personal relationships with the deceased owner/managers to manage their grief?Who supports the surviving key managers as they strive to manage the company and their own grief simultaneously?There is no end to the questions. More…