Continuity Planning: Protecting Your Most Valuable Asset
Suddenly you’re not there for them anymore… walk me through their next 24 hours.
How do you assure the continuity of the most important asset to your family's future -- Your Business?
How does your family and key employees handle the following matters?
- Business ownership?
- Who makes Decisions for Operations, Finance, People?
- Loss of key talent -- You?
- Loss of key employees and customers?
- Loss of financial resources?
Continuity Plan Executive Assessment: Business Continuity Strategy our first step with you to address the above challenges in order to preserve and protect the value of your business.
Business Continuity Strategy is one of our 'first step' options when working with us -- Comprehensive, Fast, and Inexpensive. It's a way for us to start building a relationship and for you to gain confidence fast. Click Here for more details.
Continuity Planning: Explained
A business succession plan addresses the interrelationships between business operations, management, personnel, ownership, customers and vendors. We work with you in all of these areas when we create the Business Continuity Component of our work together.
Your business is the most important asset for your family's future.
- Realistically, what will happen if you do not have a plan to deal with your death or disability?
- How will you maintain consistency in your company and communicate a stable path forward for employees, customers, vendors, and financial institutions?
- What will happen to your family’s most important asset for their future?
In our Business Succession Plan Process we work with you to identify and investigate many of the following factors:
1. Who are the trusted advisers your family and key employees contact first?
2. Who has the skills to manage the business during a difficult ownership transition following a business continuity event?
3. Expectations for this person/team?
4. How to measure this management performance?
5. For the company, who will make financial decisions? Who will make operations decisions? Who will make personnel decisions?
6. What are your wishes for what happens to the business? Are their specific people you want to buy the business, or that you do not want to buy the business?
7. What are the specific areas of management that must be addressed in order to preserve the value of the business?
8. What specific strategies are in place to encourage key employees to remain during the subsequent uncertainty and period of transitions and potential sale of the business?
The answers to these questions will form the business succession plan that will guide your family and key employees on the disposition of your business. The value and stability of your business will be preserved based on your wishes and your guidance in the event of your death or disability.
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Our Expert’s Blog
3 Universal Requirements for a Successful Family-Business Transfer
When we advisors think of family-business transfers, we tend to focus on family-specific challenges. Of course, some challenges are common to all successful owner exits. In this article we briefly look at three of these universal challenges, but from a family-business transfer perspective: 1) a capable successor, 2) a prepared business and 3) a ready owner.