If tragedy strikes unexpectedly, what would happen to your company and family ?
Do you have a plan for your business if disaster hits your business?
In 2015 my husband had a terrible accident with the result of a craniocerebral injury. He needed surgery and was kept in a coma. The doctors told me that they didn’t know how bad the injury was and what the outcome may be. They told me that he might have lost his voice, his memory, his hearing and his taste. There was also the possibility that he would be paralyzed, mentally impaired or a need nursing care. Everyday I would listen to bad news and wait for my husband to wake up. At this time I could not even imagine what was waiting for me. It was a roller coaster ride but I stayed positive and did not accept what the doctors told me. I prayed and believed that my husband would recover.
Meanwhile, I had to run our family business with the support of my sons and our employees. The loyalty was unbelievable and whatever I asked for they would support me. We managed every task and kept the company running smoothly. Whenever it was necessary to work longer hours our team would stay. In the morning I managed our company and in the afternoon I took care of my husband. He was not speaking, could not write and was paralyzed on the right side. Only after his second operation did he start to recover.
Two months later I took him home but he still needed treatment in a day hospital. The recovery took a whole year before he was ready to work long hours. Today, he is fine and we are in the process of succession – learning, understanding and solving generational conflicts in a very positive and intuitive way.
If you are thinking about this process click here to read, ‘3 Simple Proven Ways to Resolve Generational Conflict In Your Family Business’.
None of us ever know what tomorrow will bring. To be prepared you should always have a plan to manage your family business when something unexpected happens.
Here are some steps you should consider:
- Make sure someone is well prepared to run the company. This can be your spouse, your children, other family members, a business partner or a manager.
- Build good team leaders to make sure the standard of work is continually high. Train them for an emergency giving clear instructions on what to do.
- Build trust to engender loyalty amongst employees and to ensure that they feel like part of the family.
- Write and notarise an official living will that details all arrangements and paperwork when the family member cannot decide on his own. You don’t want a legal guardian to take care of your family and business affairs.
- In case of minor children you should arrange a guardian, or even two, that you trust. Make sure they are willing to take and handle the responsibility.
- Notarise an official last will to make sure everything is taken care of and there are no surprises for your family and company.
- Make sure your financial security is taken care of. This should include good health insurance, risk insurance and accident insurance.
- Inform and acknowledge your clients or business partners that the company will be taken care of in case of emergency and perform business as usual.
- Nominate one or two people you trust to manage your personal, financial and company affairs. This could be your spouse, your children, your tax consultant or lawyer.
- Make sure to inform your trustee or trustees about where they can find all your personal papers and arrange the necessary authorisations.
- Establish a plan and talk to your tax consultant to avoid gift or inheritance tax depending on your country’s tax laws.
These are some very important possibilities to take into consideration. Of course, the necessary steps depend on your specific family and business situation. Sit down and talk to each other! Get the best consultants and take the necessary steps.
I never thought that this kind of emergency could happen to my family and family business. For sure I was very happy that we had arranged everything to guarantee that neither the family nor the company fell apart.
If you haven’t got a plan in place for an emergency I urge you to do so as quickly as possible to make sure that you do not end up in a nightmare. This is especially important when your children are small to ensure their lives change as little as possible and give them the chance to survive without living in trauma for the rest of their lives.
If you would like to talk to me about how you can put all of this into action, please click here to book a chat with me
Doris has family business in her blood. Her grandparents and parents had family businesses and for the whole of her life to the present day she has been involved in family business – currently as a key partner in her own family’s business and her own business with her clients. She has been an entrepreneuse for over 30 years. She is a strong believer in – you know the truth by the way it feels – and uses intuition to reach successful conclusions to family business conflicts.
She is highly qualified both academically but also in terms of the skills and experience gained over decades in and around business, specifically family business.
It is this mix of experience running a family business, learned skills and her intuitive approach that separates her from other consultants and coaches. Whatever conflict or dissension you are experiencing in your business, Doris most certainly has the skills and experience to support you in resolving them in a heart centred way.
To book a free consultation with Doris, click here.