Hearts Pest Management has evolved into a fairly complex mid-sized pest control company working in five counties now, providing pest control in San Diego, pest control in Los Angeles and pest control in between. That’s the way I like to see it. That’s a lot of territory, service visits, technicians, coordination and occasional headaches.
Our marketing plan has evolved into a complex assortment of internet assets such as Bugs In My Bed and other marketing tools that work together to produce results.
Our team has a wonderful team of technicians and office staff, each one an individual with unique needs and abilities.
We have numerous strategic partners on the supply side and we finally have an excellent financial team of consultants.
I must have 15-20 id/passwords for all my accounts, enough to drive anyone crazy.
We have several regulatory and insurance related deadlines to meet every year, and a variety of brokers for specific components of our insurance coverages.
My family has made me keanly aware that I need to always keep them in the loop, so that if anything happens to me, God forbid, the family will not be left a corporate turmoil to deal with on top of the obvious emotional turmoil.
So let me ask you this blund question. If you died in unfortunate circumstances today, would your company collapse? Are you sure it won’t? You probably have an abstract succession plan. Some pest control companies are so inbred that the family has all the positions of power. The major succession problem these folks have is who becomes the chief and how does it effect peace in the family. Even in these companies, and maybe even more so, the access to information can be very limited. Sad to say, many families split over the inherited pest control company.
But if you don’t have a family based pest control company, which I believe is the better choice, (or you have a family company where no one knows anything the other family members are doing), how will the entity continue past your death? Who is placed in positions of authority? How do you keep the ball rolling? How are bills paid? Where are the bookkeeping records? How do you access administration functions of secure websites? Who can be trusted with what issues?
Do you really want to leave this type of chaos to your beneficiaries to deal with blindly at the time of death? Insurance solves many problems, but it won’t stop the chaos of a headless company.
You’ve been putting this off because, after all, how many of us want to think about dying? Having a succession plan is very important. The training component must be more than a long term goal to move someone into your position. The succession plan should include the step by step minute details that will allow the company to transition almost effortlessly, with few questions asked. Not having this plan in place could cause many administrative, financial, legal, personnel and regulatory problems.
Do it today. Feel free to contact Hearts Consulting Group for guidance on this critical matter.