Are You Irreplaceable? | BUSINESS and more | Scoop.it

The second year of running your company is notoriously tough, but for business owner Chris Ashton, the ground was cut out from under his feet--literally. Ashton, 38, began his second year as co-founder of Petplan Pet Insurance with a fall from the second floor ledge of his New Jersey home, suffering injuries that kept him out of the office for five months. Suddenly, Ashton had to face the question many entrepreneurs fear: Can my business run without me?


Making sure your company can operate in your absence should be a basic element of business planning, but many entrepreneurs don't consider the possibility until it's too late, says William Rothwell, author of the book "Effective Succession Planning" and president of Rothwell & Associates, a State College, Pennsylvania-based consulting firm. "We tend not to want to think about terrible things like our own death or disability," says Rothwell. "Planning for short-term and long-term replacements is key."...