Title: Risking Life and Limo
Author: Christopher Stewart
Reference: http://money.cnn.com/magazines/fsb
Presenter: Chris
It is not a good idea to start a business if you may not be able to run it sometime
in the near future. If, for instance, you for some reason are in the army,
unfortunately you have had to sign your life away and have to stop whatever you
were doing to go to war. Another example is if you are pregnant, it is
a better idea to wait until after you have the baby to get the gears turning.
If the business has already been going for some time and something comes up where
you need to find another temporary manager, don't pick just anyone. Try
to find someone who has a real interest in seeing that the business continues
to profit. Make sure that they are as, if not more, knowledgeable about
the industry and about your company in particular.
Once you have chosen a person, if at all possible try to give them a plan and
direction to follow. Make sure you give them an incentive to keep the business
going at top notch. If your company trades publicly, give them a small
salary but a large amount of stocks. Even if it does not, you can still
have them make a percentage of the sales, realistically that’s probably
how you where paying yourself when you were running it.