Why Business Protection?
Business Protection
Many business owners will take steps to minimise risk to their business by insuring assets such as property, equipment and vehicles. But what would happen in the event of the death of key people, partners or directors? Business owners need to consider what would happen to their share of the business if they died prematurely. What would the financial impact be on their family? Furthermore, what would happen to the business if a co-owner died prematurely.
Questions To Consider:
1. Family: What would happen if you died prematurely?
- Would your family take on your share of the business?
- Would the remaining shareholders have the funds needed to buy your share back from your family?
- Has a plan been formalised?
2. Stakeholders: What would happen if a Business Co-Owner died prematurely?
- Would you maintain control of the business?
- Do you have the funds to buy back their share of the business from their family?
- Has a plan been formalised?