Through our own experience with the death of our founder, we can attest to the necessity of ensuring your business’s future by planning for an unfortunate eventuality.
We can cater for any enterprise, whether it’s a small to medium size, or a major corporation.
The death of a partner can often spell the death of a business. Complex legalities can tie you up and take your eye off the ball while the banks fret over debt and guarantees.
In most situations, however, business insurance can save the day, with a range of covers available. For example, equity protection would allow you to buy out a deceased partner’s spouse, giving them security and freeing the remaining partners to drive the business on. In such cases, loan protection can also stop you having credit revoked, saving your hard-earned credit rating, your credibility, your goodwill and – critical of all – the delivery of your current orders.
You may run your own business or your company may have one or more individuals who are the human face of the brand or the genius behind its intellectual property or manufacturing prowess.
Think of the consequences of losing them to illness, injury or death. Even, in the best scenario, where they’re sidelined by a lengthy illness, you’d have to cover for them by finding a replacement, training them, hoping they prove to be as good, whilst losing production, output and – potentially – customers. With key-person insurance, you can protect your business from losing money even if you lose a major contributor. It’s ridiculous to think that we might insure even our worst machines but not our best people.
Again, based on our own experience, we know the value of anointing your next generation of business leaders, grooming them and giving them the experience they need to succeed, in every sense, no matter whether they’re insiders, outsiders or family.
We can analyse your business, put the hard questions to you and devise a plan that works for everybody. Whilst this is an astute strategy for any mature business, it becomes imperative for any business owners contemplating retirement to ensure that both the wealth they have created in their business translates into a tidy nest egg, and that the business can make the transition without missing a gear. For families, there may also be an opportunity to negotiate a tax-effective distribution of an estate through generational planning. On this point, you’d do well to contemplate another of Murphy’s Laws: where there’s a will, there’s a won’t.