Business owners should ensure that they have plans in place to cope with the loss of a key individual or shareholder. Robust plans could make the difference between survival and failure. Most companies will protect themselves against losses to buildings, fixtures and fittings, stock and vehicles. However, many business owners forget about protecting against the loss of key individuals or shareholders that are vital to the success of their business.
Some key questions to ask yourself are:-
What would happen to my business if my key salesperson or designer dies or is seriously ill?
What would happen to the shares of a fellow shareholder if they were to die or lose mental capacity?
How do I retain control of my company but provide fair compensation for the other shareholder or their estate?
What would my financers say in the event of the death or incapacity of a key individual? Would the loans/financing be called in or be restricted?
How would I pay back borrowing at short notice?
Protecting your business against these potential issues needn't be complex. There are some simple solutions that we can help put in place to ensure your business can continue to run smoothly if the worst happens. For more detailed information on all of these please click on our factsheet below.
If you would like to see how we can help please contact us on 0800 048 0150 or get in touch via our contact us page.