In Chapter 4 of my book, “Unlocking Your Business DNA”, I discuss your key group. I discussed the up side and the downside of having a key group.
First, the upside is nothing but good stuff. Having a key person or group is one of the value drivers which add great value to your business, add profits, frees up your time, and allows you to enjoy your business life more. Also, they can become the future purchaser of your company.
The key person or group only becomes bad when the owners don’t pay attention. They don’t protect themselves from the possibility of being held hostage in the future. The case study is worth reading as it happens all the time to unsuspecting owners.
In the case discussed, I pointed out the problems, but also gave some possible solutions where everyone is happy.
This is a key chapter to read to make sure you don’t make the mistake our client did.
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