It is always a good idea to be prepared for the unexpected. Whether it be the loss of an employee, loss of an owner, or an unexpected family emergency, contingency planning can help to minimize disruption for a family business.
Keywords: code red plan, business and farm operation
This resource helps you learn how to prevent a code red situation (i.e. if a business is unable to operate due to the loss of a key member) for your family, business or farm operation by having a completed Code Red plan. Topics included are passwords, bank account information, rental agreements, insurance papers and power of attorney documents and much more in one easy location. After completing the Code Red plan, family farms should turn a code red situation into a code green and the business can continue to operate on a daily basis. Code Red also can be a tool that helps families get motivated to get started on estate and/or succession planning.
Maria I. Marshall and Corinne Alexander
Keywords: human resource, risk, contingency plan
Human resource risk is critical to business development, yet it is often overlooked by the managers. This article provides information on how to tackle human resource risk by developing a contingency plan for the business. Each specific section in the plan is further explained in this article to further help you with the development of it.