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Business Plan - Management Section

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  • Business Plan - Management Section

    Those that have written up a business plan and approached a bank for a business loan -
    The template I found for a business plan had a section where management is brought up. One of the questions they stated as an example was, "Is there a plan for continuation of the business if this person is lost or incapacitated?" Did any of you list info like this in your business plan at all? If so, what different ways did you answer it? In my case I would be the owner and operator of the business. I don't plan on having any employees, so I'm not sure how the bank would view something like this if it were to be brought up.
    Does anyone have advice, suggestions, or input on this area?


  • #2
    Excellent question that seems to have gotten overlooked but maybe you asked us directly. Anyway, this information does not have to be within your business plan, however, you should have an answer if questioned about it. You might indeed be asked this by a bank, but it is more probable by a wise investor, angel. Conversations about risk often do come up but initially it again does not have to be in your initial plan you work with. Usually the lenders know they have some level of collateral they can rely on to recoup should something like that happen at any point of time in the loan repayment period.