Don’t take the risk…
Being part of a successful business means overcoming constant challenges. When things go well thanks to the skills and efforts of you and your colleagues it can be very rewarding. However, if something goes wrong, which could well be for reasons beyond your control, your family’s financial security and that of any business partners can be at stake.
The problem is that small business owners are often so focussed on the next trading period that they rarely think what might happen if tragedy strikes.
The death or serious illness of a key person in your business whether it’s you, a partner or highly valued employee, could threaten everything you’ve worked so hard to achieve. What would be the impact on your staff, competitors, creditors, customers, bank and most importantly, your family if a key person in your business were suddenly to die or suffer a critical illness?
What would happen if your business partner or co director dies? Who would his shares in the business go to and is that really what you want? A simple Shareholder Protection arrangement might be worth exploring.
At Capital Solutions we work with business owners to identify these risks and others and put into place financial plans for businesses which will ensure that in the event of a tragedy, the business can continue.
Whether you’re self employed, in a partnership or a director of a small company, it is vital to review your businesses financial plans. For more information or a no obligation chat please call 01582 343090 or email.