Disaster-Proofing Your Business: What to Have in Place Before the Worst Happens
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Disaster-Proofing Your Business: What to Have in Place Before the Worst Happens
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Summary
In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater discuss the critical importance of disaster proofing your business. They explore various scenarios that can impact business continuity, such as owner incapacity, partner conflicts, and market changes. The conversation emphasizes the need for succession planning, insurance, and standard operating procedures to ensure a business can survive unexpected challenges. Real-life anecdotes illustrate the consequences of poor planning, while actionable advice is provided for business owners to prepare for the unexpected and protect their investments.
Chapters
00:00 Disaster Proofing Your Business
01:57 The Importance of Succession Planning
08:41 Handling Partner Conflicts
12:00 Insurance and Financial Protections
14:22 Preparing for Market Changes
19:36 Establishing Standard Operating Procedures
24:00 The Role of Advisors
24:25 Real-Life Consequences of Poor Planning
29:15 The Value of Documentation
31:14 Taking Action and Continuous Improvement