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'Lifeboat Drill' for your Family Business
Episode 622nd March 2021 • The Family Business Podcast • Russ Haworth
00:00:00 00:17:20

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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:

  1. The lifeboat does the job it is there to do; and
  2. 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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