Article: What Happens If. . .?
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What Happens If. . .?
Unfortunately, bad things happen to good people. Despite the best laid plans of mice and men, illness, accidents, disability and even death can happen to all of us.
What would happen to a privately owned business if it lost its leader? Such a devastating loss can result in power struggles, employee turnover, managerial mistakes, lost customers, and lost profits. Even a vital and profitable company can unravel quickly when its leader is unexpectedly removed from the mix.
As result, contingency planning is an important part of a business owner's overall strategic business plan.
The following tools can be used effectively to manage many of the problems that confront a business, its employees, and other stakeholders when a business owner dies or bec...
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