What defines a Key Person in a Business?
As the name suggest, a key person in a business is an individual whose skills, knowledge, experience and/or leadership are important to the continued financial success of the business. Some examples of the roles that key people fulfil will include (but are not limited to) the following:
- Sales director/manager
- IT specialists
- Managing Director/CEO
- Product Development specialists
- Technicians with specialist skills
A rule of thumb when identifying who the key people in your organisation would be to as yourself “if that person was to be away from the business for a long period of time, would that cause serious difficulties for the business?”.
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