If someone had to run your business tomorrow, would you be ready? You might be thinking, “No way, Rock. There’s a long list of things still to do before I sell this business or turn it over to my kids.”

I hear that a lot.

Let me put it another way. What if someone had to run your business unexpectedly? What if something happened, even temporarily, to you?

Do you find yourself thinking: “Yes, I worry about that. In fact, it keeps me up at night.”

If you have a long list of things to be done before someone else can run your business, you need to address that issue NOW. Nothing will bring a business to its knees faster than being unprepared for the unexpected.

1. Identify key personnel who would take over temporarily in an emergency. Make sure this information is in writing. Make sure it is up to date. Clarify roles and responsibilities. Owners sometimes worry that bestowing power on employees will open a can of worms or turn employees against each other like lords of the court. You might be pleasantly surprised, however, to find that empowered employees will work hard to make the company operate more smoothly if they know they may have to run it during an interim. 

2. Make sure your financials are up to date. It’s impossible for interim managers to make decisions if they don’t know how the money is flowing. Teach your bookkeeper how to interpret financial information as well as prepare it, so there is a support system in place for those running the business. One good way to practice this is to ask your bookkeeper for a written report on how the month went, from cash flow to collections. If your CPA or tax preparer only gets your numbers once a year, ask if you can send them over quarterly for no extra charge. You’ll have one more person available who has a recent snapshot of how the business is doing.

3. Make sure all workplace safety issues are taken care of and information is current. If you were out of the picture, even temporarily, would your employees be safe? Too many companies rely on the owner’s memory for important information like hazard communication and safe handling of materials. This type of information should be written, updated regularly, and employees should know how to access it.

4. This goes without saying, but someone in addition to yourself needs to be able to pay the bills. Some owners try to protect themselves from embezzlement by being the only signer on the checks or having the only company credit card. Yes, there’s always a chance of financial shenanigans, but if something happened and you couldn’t sign checks even for a few weeks, you could lose your good standing with vendors and even put mortgages or rent agreements in jeopardy.

These are just a few of the outcomes if owners don’t plan for the unexpected. It’s important to review your plan annually, to see if new vulnerabilities have emerged. Don’t lie awake worrying about these possibilities: make a solid plan and get it done.


Rock LaManna helps printing owners and CEOs use their company financials to prioritize and choose the proper strategic path. He is President and CEO of the LaManna Alliance, and provides guidance on how to grow a printing business, merge with a synergistic partner, make a strategic acquisition, or create a succession plan. Rock can be reached by email at [email protected].