You’ve maybe spent years building up your business. Every day is about juggling the challenges of selling your wares, managing your cashflow and achieving your business goals.
You manage the risks in your business, whatever these might be. Have you considered though the impact that an illness or the death of key person in the business might have? Would this result in the loss of key skills, the loss of revenue and possibly even the change of ownership within the business?
You can protect yourself and your business against these events, even availing of tax saving opportunities along the way.
We can help you manage these situations. You can protect the interests of the partners in the event of death of one of the partners through putting a structured Business Protection strategy in place. This protection enables the surviving partner to buy out the deceased partner’s share, without the potential headache of having to raise finance to do so. These strategies also formalise the arrangements and remove any potential misunderstanding of intentions should the situation arise. Also by putting in place income protection cover for key people in the business, you can protect the business and your key employees should someone fall ill. The ill person is paid independently of the business, allowing the business to move forward without a financial drag on it.
If you would like to find out more about how we can help you achieve financial security for you and your business partner, please give us a call.