Just a Goose: What Steve Jobs' Resignation Means to You

If the golden goose stops laying golden eggs… it’s just a goose.

As you probably heard this week, Steve Jobs suddenly resigned from his position as CEO of Apple Inc., and while the reason was not specific we can assume it was due to his continued battle with pancreatic cancer or some other health concerns.

There now appears to be a void in the Company, and some are concerned about the future success of Apple without Jobs at the helm. While Tim Cook was named as his successor, there is no denying that it will be extremely difficult to replace the key roles that Jobs played at Apple. As Art Levinson commented, “Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company. Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team.”

Regardless of whether or not there was a plan in place, the public may perceive this event as un- or under-planned. Because of the loss of their CEO, the Company now faces challenges that you can avoid in your own business, including a loss of valuation due to stock price drops.

As it relates to privately-held business owners, my advice is as follows:

• Implement a plan to not only grow, but protect, the value of your Company. By insulating the business’ performance from the loss of an owner or executive, you can better predict the impact of events like this.


• Create a contingency plan for unexpected events. These may include the premature death or disability of an owner or executive, as well as the owner’s planned exit (through the sale or transfer of his or her interests).


• Identify your key roles in the business, and who can replace you in those roles. Without knowing which person or persons can take over those responsibilities, your team and your business will have a much harder time “picking up the pieces.”

If you are worried about the impact your planned or unplanned exit could have on your business, call us. We can review the plans you have in place now and help you to find the potential holes.

Jim Erben