Introduction
Who knows in your Firm what to do if you are not available? You have an answer to it? Great. Also for that one, who could make decisions or enter a contract in your firms or your name? An answer? Perfect!Who would be your successor if you are not more and is that succession in line with your private testament? We could go so on with questions like, is your testament on a save place where it can be found from the right person. Or is your successor aware of your plans as also your family.
Question over question from which each one could lead to a disaster or at least raise some new question. But lets stick at the first one, what would be if…
The if has not to lead obviously to the topic of death, it can mean also illness, vacation, business trip or your bank asks. (Yes, that thematic could influence your credit-rating).
Once more the question, does you have an Emergency plan in your firm?
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The first chapter
Let us stop here, any form of emergency plan should answer the most important questions and also should give the people a guidance from minute one. Best case the guidance leads through until the emergency situation is solved as the writers intention it was or gives the people in the position of power to find a solution.
In the following we stick to this kind of questions, because your emergency plan will give the answer for all of them. The plan has to provide the answers to internal as also external persons. Assuming your family-members have to take over, they would be external persons. Yes, external as long as they are not working in your firm.
First we will have to answer the question how your firm is structured, meaning the emergency plan will have to include an organigramm. This will help every involved party to get an understanding of each stuffs duty and how your firm is operating in daily business. Maybe it would be a great idea to let this organigramm get confirmed by your stuff. That could give you as an owner a new perspective. Based on your matrix could be identified who are the key persons to run your business in your absence. At this point we can identify out of the original organigramm a management board based on the identified key-persons. We also should consider which of this member of stuff have already a power of attorney and if it is it sufficient.
Questions to clarify the status could be, if this person are able to give orders to your bank or to receive from them information or are they able to represent your firm legally.
If your intention is to give special power of attorneys in the event of your absence, then instruct these persons which you elected and put the original version of the power in the mentioned emergency folder. Any power of attorney has to be clear in which cases it should be or get valid, be also aware that this conditions have to be one which everyone can check easily.
In the case that the circumstances cannot be verified easily any counterpart of the power of attorney can and probably will reject the acceptance.
In the following we stick to this kind of questions, because your emergency plan will give the answer for all of them. The plan has to provide the answers to internal as also external persons. Assuming your family-members have to take over, they would be external persons. Yes, external as long as they are not working in your firm.
First we will have to answer the question how your firm is structured, meaning the emergency plan will have to include an organigramm. This will help every involved party to get an understanding of each stuffs duty and how your firm is operating in daily business. Maybe it would be a great idea to let this organigramm get confirmed by your stuff. That could give you as an owner a new perspective. Based on your matrix could be identified who are the key persons to run your business in your absence. At this point we can identify out of the original organigramm a management board based on the identified key-persons. We also should consider which of this member of stuff have already a power of attorney and if it is it sufficient.
Questions to clarify the status could be, if this person are able to give orders to your bank or to receive from them information or are they able to represent your firm legally.
If your intention is to give special power of attorneys in the event of your absence, then instruct these persons which you elected and put the original version of the power in the mentioned emergency folder. Any power of attorney has to be clear in which cases it should be or get valid, be also aware that this conditions have to be one which everyone can check easily.
In the case that the circumstances cannot be verified easily any counterpart of the power of attorney can and probably will reject the acceptance.
Second Step
Part two of your emergency plan will be mostly made of several lists. The idea of the second chapter is to provide an overview of all important details. Such as bank accounts (who has access to them (power of attorney), the account number and the credit line), credits (date of monthly payment, securities), insurances (amounts of cover, risks which are insured, beneficiaries and what has to be done in the case of the insured event), list of your given powers of attorney including a broad overview of the transferred powers. Any form of a timeline including al relevant events and dead-lines in a year. Note also simple once, such as the date of finishing your balance sheets. Put yourself in the shoes of an external person, which has no inside knowledge of your business.
This chapter should also provide a short overview of the financial situation of your company, debts, cash reserves, outstanding bills and any other asset. This one should be regular updated.
So far to chapter one and two in your new emergency folder, which were most likely a collection of data. In a situation of an unplanned emergency are the simplest information sometimes the once which can be most helpful.
This chapter should also provide a short overview of the financial situation of your company, debts, cash reserves, outstanding bills and any other asset. This one should be regular updated.
So far to chapter one and two in your new emergency folder, which were most likely a collection of data. In a situation of an unplanned emergency are the simplest information sometimes the once which can be most helpful.
