I need to retain key people

Three priorities

Keep the first conversation focused.

• Identify the knowledge and relationships at risk.
• Compare meaningful, sustainable rewards.
• Document what happens at departure or sale.

1. 01

   Key person protection: beyond a single policy

   Key person protection prepares a business for the loss or extended absence of someone whose work, knowledge or relationships are difficult to replace. The person may be an owner, manager or specialist. Start with the work that must continue, then consider leadership backups, documented processes, cash reserves, retention measures and appropriate insurance.

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2. 02

   Retention strategies for essential people

   A retention strategy connects the reasons important people stay with the value they help create. It may involve compensation, career growth, decision authority, workplace conditions or long-term awards. Start with the employee and business problem. Then compare arrangements that the company can explain, administer and afford, including what happens when someone leaves.

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3. 03

   Compare your exit and succession paths

   The best exit path depends on what you need the transition to achieve. A family transfer, a sale to employees and an outside sale can produce very different outcomes for control, cash, timing and the people involved. Compare those outcomes before narrowing the discussion to price or a favored buyer.

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