What would happen to your business if one of your key members of staff died? Would you be able to find a replacement quickly enough to keep your customers happy and keep their contracts?
What would happen if a partner or share holding director were to die? Have you made provision to buy their share of the business from their next of kin, or would you feel comfortable with someone from outside the business owning a significant proportion of the business and being entitled to a share of the profits that you have worked hard to generate?
Even a sole trader business should consider whether they have a need for protection. In the event of their death, are there any debts that would need to be repaid from their estate or do they have a workforce that would be entitled to redundancy pay in the event of the business no longer trading?
At Century Financial Planning, our specialist advisers will take the time to understand your business and what is important to you. We will then help you build a solution to reduce your risks and remain in business should the worst happen.