You and your team rely on each other to keep the business going. If something happens to them, it impacts your ability to keep the business going. And if something happens to you as the business owner, it could bring the whole operation to a grinding halt.
No one wants to think about these awful things happening to them or those close to them, but there’s wisdom in the saying, “Hope for the best, plan for the worst.”
In the case of death or disability of yourself or a key team member threatening the viability of your business, the best time to act is before things go wrong. Much like fire drills ensure an orderly evacuation of the building in the event of a real fire, having a plan in place before disaster strikes ensures the disaster won’t spell the end of your business.
Some ways you can protect yourself from disaster include:
- Having an hierarchy: assuming your team is composed of more than just you and one other person, having an hierarchy in place makes the transition easier should something happen to one of you. The next person in line can step up so people aren’t left wondering who they need to report to now.
- Having a succession plan: in our most recent blog post, we talked about the importance of having a succession plan in place for your business, as well as how to go about creating one. One of the benefits of having a succession plan in place before you’re ready to retire is, if something happens to you and you are suddenly unable to work (either permanently or for an extended period of time,) your successor can step in and cover for you while you either recover or prepare to exit the business permanently.
The Vertex Advantage
One of the benefits of partnering with Vertex is that we cover for each other. When you have a network of financial advisors at your fingertips, you can call on any one of them, at any time, for any reason. Whether it’s to answer a question you have, or to cover for you in the event of an emergency.
When Vertex has your back, disasters don’t have to mean the end of your business.
If you’re ready to give your business the Vertex Advantage, we’d love to talk about it with you. You can reach us directly at in**@ve********************.com
