Transitioning or exiting a business can quickly become an organizational crisis of not thoughtfully planned and communicated, especially in family-owned businesses. Listen to stories about clients that did it the right way and find out how to avoid chaos and confusion.
- I recently had my first experience flying…as a passenger on a seaplane.…Imagine yourself in that front seat taking…off and gliding gently through the sky…on a clear day.…You're just below the few white clouds dotting…an otherwise blue sky.…After about 45 minutes, you see your destination ahead,…then to your horror, the pilot says,…"I'm sorry, I never planned on how to land,…"I guess I will just have to wing it."…That's what many business owners…do without even realizing it.…
They start their business, shed…a lot of blood, sweat, and tears…to build it into a formidable enterprise,…create wealth and value from it,…and then hit the age where they…are ready to land the plane.…And to their shock and the horror…of their family, they never thought…about how to transition from flying to landing.…What I describe is common for many businesses,…especially those that are family-based.…
The effort of building and growing…the business, in essence, the taking off…and flying is highly-focused.…The thought of transitioning out,…selling the business to someone…
- Explain the process of identifying exposures.
- Cite examples of transferring risk.
- Name the tools used for implementation and monitoring risks.
- Define “organizational amnesia” and explain how to prevent it.
- Describe security concerns an organization may have and explain the cybersecurity tools that may be used to mitigate them.
- Identify the benefits of an employee handbook for mitigating risks.
- Explain the various parts of an insurance policy.
- Summarize the importance of a business continuity plan and describe the steps for creating one.