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Preparing for the unexpected

The Coronavirus pandemic put individuals and family businesses in front of unexpected challenges.

Most families and businesses did not have a plan or even a set of priorities to face the new threats and changes. However, a pandemic is not the only unexpected event family businesses could face in the near future.

Have your family members ever discussed unexpected future events? Are they ready to face the unexpected? Do they have any plans?

Listing and discussing unexpected situations (as the sudden death or illness of a family member, divorces, …) between family members can become an advantage for family firms. Discussing family members’ core values and priorities in case of emergencies can allow them to know each other better, bringing the family closer. It could also help family members realize remote risks (as the death of a family member), prepare and make plans in case they occur.

Discussing what seems remote and improbable can contribute to make the family business more proactive when facing big threats and challenges. While it is impossible to predict which threats lie ahead, family members can work closely to know each other better, brainstorming possible threats and challenges and getting ready as much as they can.