The Business Exchange Bath & Somerset Issue 16: Summer 2020 | Page 32

Kinherit’s three tips to keep a bu
running when a key member is s
The coronavirus outbreak has shown that we are all – from Prime Ministers t
company directors – at risk of getting sick and becoming incapacitated.
It is vital to have a clear plan, communication
and a team prepared to take over should the
worst happen.
A business owner is likely to have put
years of hard work into creating a viable
firm. They are also likely to have a sense of
responsibility towards their team, family and
customers.
Here are five tips to keeping your business
running and protect your team, family and
clients in such an event.
1. It’s time to talk
The data suggests around 20 per cent will
develop severe symptoms from coronavirus
or become critically ill. Sadly, an estimated
one to two per cent are dying from the
disease.
We need to prepare for the possibility of
key members being unavailable or unable
to work.
Perhaps the best investment a business
could make, not just during a pandemic, is
to have a 45 minute conversation about what
would happen if one of the owners were no
longer around.
Where possible, it makes sense to bring in
an objective professional, who could talk you
through your options.
2. Advance planning
It’s important not to make assumptions
– either that everything will be OK or that
everyone knows what is expected of them.
Having worked with clients at a later
stage, I know that failing to prepare can lead
to financial and emotional fallout.
I have had companies reach out when an
owner has become sick or died - without
any protection in place. There are instances
when the person who is no longer around
could own at least half of the company.
For more info:
www.kinherit.co.uk
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