Corporate Financial Planning
How would your business cope with the loss of a Shareholder or Key Employer due to loss of health?
When you run your own business, the idea of planning ahead will be nothing new to you. But many business owners are unprepared for what happens if the unexpected happens. This can include:-
· Business Loan Protection – if your business has borrowed money through a loan or overdraft, the death of an owner or co-owner could result in the debt being called in, sometimes very suddenly. How quickly could you raise the money, and what would be the impact on you and your business?
· Cover for your Key people – how would the loss of a Key person in your business impact you? It could affect income, through loss of expertise, the cost of recruiting a replacement, or even the loss of contracts to competitors.
· Protecting the owners – the death or critical illness of an owner can have major issues for the business, the other co-owners, and also for their families. This can leave the business in a state of limbo – for example how would the business raise the cash to buy back the shares in the business that may have passed to the deceaseds family upon death of a controlling director or partner?
· Sole traders are not exempt from concerns – loss of health for example can have a major impact on cash flow.
To ensure you can avoid facing a disruption to your cash flow in the future, Compass Personal Finance have access to a range of products that are designed to meet your needs, including term assurance plans and income protection plans.
Why not contact us today to arrange a review?