Hi friends,
We definitely didn’t see this coming, yet here we are. It seems like the right time to write some kind of uplifting article about, “It’s going be okay,” or, “we are almost through this unprecedented time,” or, “hang in there”.
Sorry folks this article will not be an iteration of the same. I wanted to take this time to talk about how to keep focused on the important things. Specifically, those running a Family Business, there will be many important things to consider.
Firstly, a Family Business has to support not only the family members but also the employees who have become like family members. Family Businesses do not have a fight or flight mentality. Rather they have to FIGHT and then fight some more which certainly causes stress for all involved.
Many businesses are shut by law, many are operating as an essential service with a new element of fear, and many are operating as if everything is fine (those are the scariest ones).
The #1 stressor I am finding is not knowing WHEN.
When I ask people, “If I told you, you have to quarantine until July 5, would that be okay?” They all say yes.
If I stretch that date until September 12, the answer is still a resounding YES!
Why? It comes back to the idea of NOT KNOWING.
If we are given a target, it becomes a real deadline. Unfortunately, we do not have that luxury in these circumstances.
So what do we do?
Here are some things that many companies are doing:
- Make a business plan of what needs to be done when you can return to your business.
- Reach out to suppliers/customers and employees with a “just checking in to see how you are doing” type of email or have an actual phone conversation.
- Review your important documents including wills, life insurance policies (many companies are letting you buy more without the usual medical requirements), corporate P&C insurance, current shareholder agreements, leased premises, and if you qualify for the government relief program.
- Check to see if your line of credits will suit your business when you get back to business.
- Start that Succession Plan and begin to have those conversations with the key players.
- Call Phil (that’s me!) to help begin those discussions
I know I had to throw in number 6…hope it made you smile! 🙂
We are in this for a while. There is no quick exit, so let’s try and find ways to move your business and your planning forward together.
Then you can focus on the success of your business when you get the green light to do so.
Have a question? Please give me a call at (905) 902-7799. I am working from home (you will likely hear a dog barking when we chat), and I would love to have a conversation with you…even for a friendly hello!
Like many of you, I MISS PEOPLE!! Stay safe everyone.
