If the only asset you have in your business is its ‘people’ then cherish them dearly otherwise you could end up losing your livelihood……as one man did.I was at a meeting the other day and finished up sitting next to a 42 year old chap who worked in the costume jewellery business. He spent 20 years working for a family relative and was clearly instrumental in turning the firm into a multi million pounds empire. But, when he asked for a slice of the action – probably a shareholding or profit share – he was told to shut up or f*** off. How short sighted of the foul mouthed owner.
My genial neighbour chose the latter route and set up in opposition. He walked out of a £20,000pa salaried post. That was six years ago. Last year he reported net profits of £600,000 and his former employer has all but gone out of business. Know who the firm’s linchpins are before removing them or playing the role of ‘big cheese’!