MCBRIDE FOR BUSINESS BLOG

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Not Having A Plan For Your Company is Irresponsible

June 15, 2017 // R. Shawn McBride // No Comments »

R. Shawn McBride recently spoke about the importance of a having a plan for your company.

If you’re a business owner and you’re watching this, I’m gonna tell you something. It’s selfish if you don’t have a plan for your business. It is completely irresponsible if you don’t have a plan for what’s gonna happen to your business if you’re not there. We’re talking about the inevitable stuff here. We’re talking about what happens if you die and you’re not longer there, and also what about disability?

So many businesses are very dependent on their owner. They require their owner to be there to oversee the operations and make things happen. This makes you undesirable for a sale, but it also puts your family or your other loved ones in a terrible position if anything happens to you. So, you need to have a plan.

You need to know what you’re going to do if something happens to you or your business, and how are you doing that? What plan have you executed? How have you diversified your leadership? These are not really difficult things to do at the end of the day. They do require some learning and training, some coaching, which can be provided by myself or other organizations. You can get people to help you.

But you need to start getting your hands off the reins. You understand what’s going on in your business, you need to get other people involved. It’s gonna require some trust and some development here, and let them help you run that business better. Let them help you make it bigger.

And if you are that business owner and you’re running that business, and you haven’t put a plan in place, shame on you. What’s going to happen when that gets handed over to your family, and then they have to come in there and try to sort it out? It’s gonna be like drinking from a fire hose. I have friends who’ve been put in this situation. They’ve had to take over family businesses after their parents had died, and it is a mess, and it’s not something you wanna pass on. And you don’t wanna certainly pass this on to your spouse, and you don’t wanna pass it on to your children. And let me mention to you this, if you have more than one child sometimes they’ll disagree about how that business should be run. And you know what? All of this can be avoided with a little comprehensive planning upfront.

Putting together things, talking through the what-ifs, building a plan, letting everybody know what’s gonna happen, all of these problems are fixed. So, if you’re that business owner, and you’re sitting out there and you haven’t put this plan together, and I’m not just talking about a will. That is not enough, just passing that ownership to somebody else doesn’t fix the management issues.

You need to have a management plan, something comprehensive that’s really gonna work. If you don’t have that, now’s the time. Find somebody you trust, work with an attorney, work with a business advisor, work with somebody. This is something I work clients on, but there are other great advisors out there too. Just find somebody that you can work with that you trust that’s gonna help you go through this process and get the things in place to do things right because it’s gonna make all the difference for you and your loved ones.

Now, if this is resonating with you check out blog. Lots of great articles there, things you can read. Check out our YouTube channel, McBride for Business, and reach out to me, let me know how I can help you. I’m R. Shawn McBride, 214-418-0258, or you can reach me at www.mcbrideforbusiness.com. I’m looking forward to talking to you soon, and I really wanna help people get these things right for their loved ones so that we don’t leave problems for the future. Talk to you guys soon.

Make sure you download our free checklist to assess your business.  

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Sergio Roberto Bichara .

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

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Posted In: Business, Growth, Risk



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