I am constantly surprised at how many businesses fail .. all because their owners placed no priority on putting business continuity strategies in place.
Allow me to explain. The majority of business owners actually try to do the right thing by insuring their businesses against such events as fire, theft, public liability claims, loss of profits and so on. Mind you, whilst this is, in principle, the correct and sensible thing to do, many owners make the mistake of consulting a general insurance broker who is more concerned about his/her commissions rather than providing expert advice, delivered via quality service. More on this at another time.
Why MANY businesses fail is due to the fact that they don’t account for that unforeseen event. You know – a pandemic, the sudden death or disability of the owner or another key person in the business, the loss of a major client or key supplier, a major economic event such as a stock market crash or a “Black Swan” event such as a war breaking out.
You may be surprised to learn that it is possible to eliminate and/or at the least – minimise any damage to a business’s profit sustainability should any of these situations arise.
So, let’s start with what is perhaps the most common event that affects business continuity – the death or disablement (permanent or temporary) of the owner or other key person in the business.
🔹 Will, including provisions/nominations for:
🔹 Enduring Power of Attorney (EPOA), including the nomination of an Alternative Attorney?
🔹 Advance Care Directive (ACD)?
🔹 Corporate Power of Attorney (CPOA), including the nomination of an Alternative Attorney?
🔹 Binding Death Benefit Nomination in your superannuation fund (retail or industry)?
🔹 Recently-reviewed SMSF Trust Deed (if you have an SMSF)?
In this post, I am not going to explain the need for and relevance of each document. HOWEVER, I cannot stress too much the importance of having them in place so that your business AND your family are properly protected in case of an unforeseen event of significance.
BOTTOM LINE? As an Estate Planning Facilitator, I can assist you with a review of your present needs. Furthermore, I can also help you put any needed arrangements in place in a timely and cost-effective manner.
For further discussion or information, please feel welcome to contact me at any time.
PHIL MANHIRE – Your personal business coach, mentor & strategist.