✈ November 15, 2017, Avicor Aviation Inc.
When a company is valued, one of the aspects that is considered is its management. Among the most significant key factors include:
You have built your company and selected key individuals with certain expertise, skills, abilities, knowledge, know-how…and they are an integral part of how your company does business. Each role has value and each person has value. But have you given thought to what would happen if you or one of your key management team members was unable to work or suddenly left?
Setting up a plan for how to handle a sudden or temporary departure of management team member—including yourself—adds value to your aviation business. It might be time to take a look at your business and consider each key managerial role and responsibility.
It's important to establish both a short-term and longer-term plan for backing up management. If something sudden happens, it can be essential to your business to have a plan in place to ensure that things keep moving forward.
But long term plans are also important. That can mean thinking ahead to who in your company can be trained to take over certain roles as senior managers retire. It can also mean working with someone in the company who might be a candidate to buy your business in the long run. This is especially true for smaller aviation companies.
It's all about building and maintaining the value in your business. While unplanned events can have sudden impacts on the value of your aviation business, planning ahead can mitigate the effects of the unexpected and reduce a risk that could negatively affect the value of your business. Planning ahead can turn that risk into a positive.
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