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
• etc.

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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