Creating a Strategic Contingency Plan
As a business owner or manager, you probably spend too much of your day making decisions regarding marketing, employee relations, inventory, hiring/firing, payroll, banking, and litigation. Yet, how much time do you devote to creating a Plan of Action that takes place in the event of your unanticipated death?
Wait!–before you move to the next article thinking this is only another boring insurance discussion–read on. In its highest and best use, insurance is designed to deal with unanticipated death; but it only provides the funding for a plan if one is in place.
That’s where Strategic Contingency Planning comes in. More…
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…