'Lifeboat Drill' for your Family Business

As we emerge from this global pandemic now might be a useful time to review how things are set up and if that matches everyone's expectations. An actual lifeboat drill is essentially a practice evacuation of a ship using the lifeboats on board. I am not advocating everyone rushing out and practising evacuations, however it is the purpose of a lifeboat drill that is important here.The reason that lifeboat drills are important for sailors is that if and when they need to use the lifeboats they want the reassurance of knowing that:The lifeboat does the job it is there to do; andIf anything does go wrong that it is not at a time of emergency and you can do something about it.It is this principle that I am advocating.A lifeboat drill for your family business is essentially looking at a number of 'what if' scenarios that allow you to test that the legal, financial and business procedures you have in place are fit for purpose.Work With Russ If what I have spoken about in the show resonates and you want to discuss how I can help you and your family business drop me an email: [email protected] or head over to www.familybusinesspartnership.com Sign up to the Newsletter You can get podcasts, videos and blogs delivered directly to your inbox by signing up to the newsletter. Head over to www.fambizpodcast.com and sign up now