Could your family understand the complexities of your business?
If you have a business or are thinking of starting a business, then you will know that it becomes complicated quite quickly.
Could a family member easily pick it up and run it? Or could they manage the disposal of your business without losing money? How would the business survive and grow and provide your family with the benefits of your hard work if you are not there? What would happen if a business partner died or became ill?
Your family members may not be part of your business and may not be in a position to maintain it as a going concern. They might be faced with trying to sell the business or even your shares in the business which is often a lengthy process. Will they be able to meet the costs of disposing of the business without any income?
If you’ve taken on any loans or overdraft commitments, then your family could be faced with a significant liability. Even everyday cash flow issues such as money owed or owing, part completed projects etc. can be difficult to resolve and may require the help of an accountant.
How to protect your legacy:
Will your spouse or partner become an unwilling shareholder and how will the business access the funds to buy them out and to fill the gap left by you no longer being around?
Real Life Advice can help by providing a free analysis of your current and future business financial protection needs.
Call us for a free, no obligation consultation with one of our expert Protection Advisers.