Preparing For The Day You Hope Never Comes with Maylan Newton [E071]

Maylan Newton, founder of ESI Seminars, has a chilling story of a day that started like any other day but ended in a year-long road to recovery that gave him a passion for helping shop owners be prepared for the worst case scenario. Maylan shares his story and gives tips to make sure your team and your loved ones aren’t left with a burden in the case where the day you hope never comes, comes.

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Show Notes with Timestamps

The importance of having things in place for emergencies (00:01:06) Discussion on the impact of emergencies on businesses and the need to have contingency plans in place.
The role of good staff and proper training (00:02:24) Importance of having trustworthy staff and training them properly to ensure smooth operations in case of emergencies.
The need for comprehensive documentation and information sharing (00:03:13) Importance of documenting policies, procedures, passwords, legal and financial information to enable others to manage the business in case of emergencies.
The stress of a technician's passing (00:07:19) The unfortunate passing of a technician and the resulting stress on the business and his wife.
Lack of process for credit card machine (00:08:04) A story about a business losing money because they didn't have a process for batching out the credit card machine.
Importance of planning for incapacitation (00:10:13) The importance of planning for incapacitation, such as strokes or heart attacks, and the impact it can have on the business and family.
The doctor's plane crash (00:14:39) A doctor who survived a plane crash and the impact it had on his specialized medical practice.
Realizing the gift (00:15:47) A conversation with his wife about his ability to inspire and motivate people, and the need to figure out what to do with his gift.
Negotiating with God (00:17:14) Aconversation with God about his purpose and the request for pain relief and healing for himself and a friend.
The phone calls (00:20:38) Maylan receives multiple phone calls from different associations asking him to talk about his company's survival and recovery.
Committing to speaking engagements (00:21:24) Maylan commits to speaking engagements in Arizona, Las Vegas, and Kansas City to share his story.
Encountering a young lady in a wheelchair (00:24:03) Maylan meets a young lady in a wheelchair and shares his philosophy of physical therapy and recovery with her.
Planning for the Future (00:28:00) Discussion about the importance of creating a will and considering who will take over the business in the event of incapacitation or death.
Passing on Ownership (00:28:24) Exploration of the potential issues that arise when passing on ownership of a business to someone who lacks knowledge or experience in the industry.
Importance of Exit Planning (00:32:11) Emphasis on the need for business owners to have an exit plan in place and to prepare the business for succession to avoid chaos and problems in the event of unforeseen circumstances.
Planning for the Unexpected (00:34:11) Importance of creating a plan for unexpected events such as illness, accidents, or death, and involving key stakeholders.
Impact on the Business (00:35:37) Discussing the consequences for a business when the owner or key personnel are unable to work due to personal circumstances.
Importance of Conversations and Professional Advice (00:38:20) Highlighting the need for open conversations with attorneys and professionals, such as insurance agents and real estate attorneys, to create wills, trusts, and buy-sell agreements.
The importance of having a final wish (00:41:57) The realization of not having communicated their final wishes and the need to address this important topic.
The comfort of having a succession plan (00:43:29) The peace of mind that comes with having a solid succession plan in place for one's business and the importance of reviewing it regularly.
Planning for the future and leaving a legacy (00:46:25) The need to think beyond the day-to-day and paycheck-to-paycheck mindset, and instead focus on building businesses that provide stability for employees and leave a lasting legacy.
The most powerful conversation (00:48:31) This topic discusses the significance of the conversation in this episode, emphasizing its value and the importance of taking action.
The ripple effect of a traumatic event (00:49:01) TA personal story about the long-lasting impact of a traumatic event on their marriage and emphasizes the need for planning and thinking like big businesses.
The importance of thinking like big businesses (00:49:30) The need for small businesses to adopt a mindset of big businesses and explains how it can lead to stability and success.
Download from Maylan Newton - Shop Information Work Sheet HERE.