Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Thursday Dec 12, 2013
Thursday Dec 12, 2013
For the last couple of days we’ve been talking about
creating a culture of independence. Today we are going to talk about employee independence.
If you´re too reliant on any one employee, you are at
significant risk if that employee chooses to leave and at a disadvantage when it
comes to negotiating his or her salary.
To avoid this situation, nurture a pool of people you want
to hire. Some executive search firms offer a bench-building service that
proactively recruits a short list of candidates who could fill your key roles so
that you have a "bench" of people to go to in the event of an
employee defection.
Ask yourself and your key management these questions:
How easy would it be to replace your most important sales
& marketing employee?
Rank your employees from easiest to most difficult to
replace. What can you do to become less dependent on those most difficult to
replace?