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Risk
management is simply making sure your bases are covered. If something happens to
your or a key employee today, will this affect your business? How? How can you
prevent that effect - or at least minimize it?
How
complete are your human resource files and documents? What kind of programs do
you have in place for training and supervision? Are you compliant with all state
and federal policies? Is your workforce properly trained on safety issues?
Do
you have written standard operating procedures? Are processes in place that can
protect the company from catastrophes such as fire, flood or earthquake? Do you
have a viable data security and backup system in place?
Are
your management teams and directors covered by error and omission insurance? Do
your directors have D&O insurance? Do employees drive company
vehicles?
Are
you working with contract laborers who should be classified as employees? What
is the difference and how can that affect your company and its valuation?
These
are just some of the issues that a competent risk management advisor will go
over with you as you prepare your company for a business succession.
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