Keeping the Business Alive IF Something Were To Happen to You

What Happens to Your Business if Something Happens to You?

 
Day in and day out, in my Restoration Sales Academy groups, where I coach restoration sales reps all over the country, and in my Restoration Profit Academy groups, where I work with owners on, guess what, getting more profitable, as well as in my one-on-one coaching, I’m helping people with financials, job costing, budgeting, systems, delegation, and getting out of the daily operations.

I help with just about everything related to running a restoration business, except how to suck up sewage water or clean soot. I leave that to the IICRC folks.

One topic that comes up a few times a year with clients is this:

• What happens if something really bad happens to me?
• What happens to my business?
• What happens if I get hit by a bus?

One of my clients last year had four owners, and for the first time, all four of them were getting on a plane together for a trip. One of the owners said to me during a coaching call, “Is this a good idea? We don’t really have a plan if our plane goes down. There’s no plan in place.”

That reminded me of a conversation I had during an interview with a potential sales rep who I ended up hiring, and he did a fantastic job. His name was Randy. During the interview, he said, “Hey Scott, you’ve asked me a lot of questions. Can I ask you one?” I said, “Sure.”

His question was, “What happens to my job if you get hit by a bus?”

That was the moment I decided to write a plan for my wife, a succession plan, so she would know what to do. Think of it as an emergency document.

Who does she reach out to?

Who are the key people in the business?

Who are my key advisors, my attorney, banking relationships, accounting relationships?

Where are the passwords?

What’s the immediate plan to save the business and ensure continuity?

And then what happens after that? After the emergency has passed, after the hypothetical sadness of my passing, what happens next? What options does she have? Should she keep the business? Should she sell the business? What does that process look like?

I mapped out a template that I’ve shared with clients over the years to help them establish a succession plan. And I think in the craziness and hectic nature of the restoration business, a lot of people simply don’t think about this.

If you haven’t thought about it, I want to encourage you to put something together, even if it’s just a one-page document to start. Just some kind of roadmap for your successors on how to keep the business alive if something happens.

And it doesn’t have to be death. I know this is a difficult topic. It could be incapacitation. It could be an extended hospital stay. The point is having a plan.

If there’s anything I can do to help you, or if you’d like the template I share with clients, don’t hesitate. Book a call, and I’ll be glad to share it with you.

Thanks for watching this not-so-uplifting video, and I’ll see you in the next one.