Five Ways To Protect Your Business From The Loss Of A Key Leader [Forbes]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Forbes
Five Ways To Protect Your Business From The Loss Of A Key Leader What would happen if the founder of your business decided to quit the company – or was unable to carry on working because of ill-health, say? For many small companies, this would spell the end of the business, new research suggests. A survey just published by the insurance company Legal & General found that more than a quarter (26%) of small and medium-sized enterprises would need to close immediately if a key person died or became seriously ill. L&G's report also warned that 15 per cent of businesses which had encountered the loss of a key person had closed their doors as a result. The research suggests 1.5 million could be a risk of immediate closure should something happen to a crucial member of staff. “Small and medium-sized businesses are essential to Britain’s economy; they employ millions of people across the UK and make up more than 99 per cent of the private sector, says Richard Kateley, L&G’s head of intermedia
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