You put in a lot of effort and personal sacrifice to build and run a business. Delivering goods or services, watching the costs, getting the right connections and the right people in place are keys to success. Your wealth is generated and often locked up in your business.
Should one of the partners in your business suddenly die or suffer total and permanent disablement what do you think would happen to his or her share in the business? Without Business Succession planning and without a formalised Buy/Sell agreement one of the following outcomes may occur:
- The deceased’s estate may demand a payout of a size that will force your business to be sold.
- The heirs may insist on direct involvement in your businesses operations even though they may lack the necessary skills.
Business Insurance is a simple concept that aims to remove the worry and financial hardship these unplanned events can cause. There are three areas of business insurance:
- Key Person Insurance
- Business Succession Planning
- Guarantor Protection
What are the chances?
Contact a Luka Group Financial Advisor today to discuss protecting your business.
More Information on Business Protection & Succession
A Case Study