Profit from Your Best Team Member Quitting

Thank you for Liking, Subscribing, and Sharing! Every click helps me to prepare more case studies and practical guidance for businesses with 2-500 employees.How do you feel when a great team member quits? Angry? Sad? Scared? All of the Above?!In this Case Study meet Ethan, founder and 100% Shareholder a professional services business in London, UK, during the Great Recession. He felt all of those things as well, and he found when the Recession hit that even more of his best team members were preparing to leave.Not because they didn't like him. Not because they wanted to make more money elsewhere. All because those top performers dreamed of one day owning their own business.Like most small and medium sized business owners, Ethan had Control fears. He had no desire to ever let any of his team take Equity in his business, and risk them taking control away from him.The Accountant said "Pay them more money to stay". A dumb (and expensive) mistake.The Lawyer said "Enforce their Employment Contracts, and march them out the door". Not a good way to win friends and influence people.My team agreed with Ethan - if he wanted to retain 100% of his business, he could. We also agreed with his best team members - if they wanted to run their own business, that was fantastic too!So we found a different solution - one that even the accountants and lawyers were happy with.Enjoy this Case Study podcast, then Subscribe for more here and delivery to your inbox at www.JacobAldridge.com