In business, as in life, things don’t always go to plan.
What would happen if you lost that key individual to a serious accident or illness, or worse still they were to suddenly die? How would your business cope, and more importantly how long would for things to get back on its feet? It might be a few weeks, but it could easily be many months or more.
So, at a time when reputation and revenue could be moving backwards you need to buy yourself some time, and this is where Keyman protection comes in and helps with cashflow, giving you time to recover and get your business back on your track.
If you want to know more about how Keyman cover can protect your business, speak to our highly qualified advisers to get the right advice for you.
In business, building value over a number of years, not only for you, but also for your family and your business partners is often a key objective.
You may want to sell your stake in the business when you retire, but how do you protect your value?
Long term plans are not always certain and can easily be derailed if you or your business partner/co-director were to die or suffer serious illness unexpectedly. If this were to happen you will need to consider the following:
- What happens to the ownership of the business?
- Apart from the loss of a key individual, what would happen to their share in the business?
- If you’re not around then who would be best placed to steer the future direction of the business?
- What would be the impact on cashflow to the business be in both the short and long term?
- What are the financial consequences on the deceased’s family?
- If you need cash to buy their share in the business, how will you find this?
We know every business is different, but there will be risks to everyone involved. The good news is these risks can be minimised, and with forward planning you can take the right steps to ensure the business has the best chance to succeed, and the family have security in place to look forward to the future with confidence.
Our highly qualified corporate advisers are well placed to discuss your plans for the business.