Ensuring Business Continuity
One specific aspect of what I do is work with entrepreneurs who are concerned about business continuity. Business continuity is simply the ability to accurately, properly, and objectively understand the importance of putting programs into place that will allow their businesses to continue.
That being said, if you use a numbers example of a business that’s worth $10 million and you have two partners, well, at the end of the day, if one of those partners dies, there’s five million dollars of money that needs to walk into the company in order for the shares to be bought out.
That’s a very simplistic example, but it’s much more than just that, because the partners are taken care of, they’ve recognized their responsibilities to each other, but what they don’t think about, and what I ask them to think about is the fact that that same dollars that are being generated are also providing them with the necessary funding so that that business can continue for the 10, 20, 30, 40, 50 people that work there. The implications of this are huge, much bigger than the very central focus, which is a buy-sell agreement, and funding that buy-sell agreement. That’s a privilege that I hold very dear, because I’m able to talk to people at that level, I’m making them understand what really matters when they take a courageous step like that.