Mar 22 2021 17 mins 3
Given the recent changes in legislation announced in the Budget, I am re-releasing this episode to highlight the value and importance of Lifeboat Drills for your Family Business.
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; and
- If 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.
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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
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