What To Consider When You're Getting A Business Ready For An Upcoming Passing Of A Business Owner | Evolvor.com

What To Consider When You’re Getting A Business Ready For An Upcoming Passing Of A Business Owner

A spouse, child, relative, or a friend dying can be hard for anyone. In fact, according to the Holmes and Rahe Stress Scale, death is one of the most stressful events in life. However, though most people can’t compare these losses with the loss of a co-worker or CEO, there are studies that show the opposite. A business owner’s upcoming death can affect a company’s shareholders, clients, and workers. It may be hard for anyone to prepare for someone who’s about to leave you permanently, however, it’s still better if you face it fully equipped with the adequate knowledge.

Here are some things to consider when you’re preparing a business for the upcoming passing of the business owner.

Prepare for the Event Prior to Its Occurrence

 

business ownerThis is a time for thinking rationally. Utilize the situation to create and execute a crisis communications plan that will help you cover a high-level, positioned person dying unexpectedly. A loss of someone with that kind of power on a business will have a material influence on your company.

Some of the preparations that you should make:

  • Acquire the latest digital pictures. Make sure that you have current images of your high-level executives. You should ensure these pictures are fit for someone in power.
  • Ensure that the latest information is available. You should ensure that you have current information on your company’s senior executives and that the info is always available and within reach. This information includes their contact details, positions they’ve held in the company, and even awards they received during their course of service for the company.
  • Create press releases and get them approved in advance. When someone important dies, the media will surely want to know how it happened and what your company plans to do. Make sure that what you’ve written gets approved by the right people.

It’s uncomfortable to confront your own mortality; thus this procedure can be laborious and trying for all of the people that are involved. Just be sure that you let your CEO understand that the steps you’re taking now will help your company endure the loss, sustain his/her legacy, and return to productivity as soon as possible.

 

Be Ready to Act Immediately

There are a lot of things that should be included in your planning for the crisis. However, there are things that are more crucial than others. The things that are most crucial in your crisis planning:

  • Make a phone tree. Make sure that you create a phone tree that starts with your business owner’s family. It should include who will inform your board of directors, other executives, and people who are working in the communications team.
  • Compile a list of journalists to contact. You should ensure that you have contacts with local, national and trade reporters so you can immediately contact when the passing occurs. You should also have numbers of people who are in stock or bond positions.

It’s also ideal that you have a phone tree and media list in case a news-making event or accidents happens.

Predict and Acknowledge the Response of Everyone in Your Company

People working for you may not be related to you, but most of them are spending most of their waking hours working closely with their leaders. The workers and supervisors are taking risks hand-in-hand and commemorating their achievements together.

There are people who have a very hard time dealing with the news of someone dying, so you may end up meeting someone with erratic and irrational responses. These workers may be accountable for communicating externally or internally. If these people are reacting badly, make sure to contact anyone in the company that’s close to them. Be sure that they get all the support that they need.

Take Time to Give Everyone the Opportunity to Share

Give your employees and other people close to the dying person the opportunity to voice all their stories. There’s an undeniable pull to grieve with a large community when facing an upcoming passing.

Your company can plan in advance to utilize certain communication channels to inspire people to share their memories. You should ensure that other leaders in the company lead the way and participate.

Generate a System to Honor Your Business Owner Continually

You should help cement your CEO’s influence and legacy in addition to all the kind deeds he/she did in life. Doing this will help your employees and other people connect to your business and move forward. It will also build goodwill in your community in the memory of the dying person. You can create:

  • Charitable funds. This will show your CEO in a good light while also helping other people.
  • Academic chairs. Doing this will help your company promote the goodness of the business owner while assisting incoming talented youth. These youth could be the future of your company.

Preparing for an upcoming loss of a boss is a bad dream that no one ever wants to experience. It carries with it the risk of not only hurting your company’s finances and investments but could also harm your employee’s moral and the company’s reputation.

This is why you take time to sit down and talk not only with your high-level employees but also each and every person who works for the company. Hiring a reliable lawyer like the ones here, who can help you handle this situation legally, and following these tips we have given you, will help you to deal with this situation.

kirenKiren Manning

Kiren is a estate law writer who enjoys writing about subject in relation to real estate and law. He has written for a few blogs in the past, and enjoys sharing his knowledge with those who enjoy reading. In his spare time he enjoys spending quality time with those he loves.

Eric Hebert

Founder and Lead Digital Strategist