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For example, what would happen to your business if you die, or become seriously ill? What if your business partner or another key team member were struck down in some way? Would the business continue unaffected, or would there need to be changes?
It’s a risk that is easy to overlook, yet profitability and cash flow may be severely affected by such an eventuality. Indeed, for many businesses, the effects can turn out to be terminal.
We would normally begin with a liability audit to establish exactly where the danger areas lie for your business, followed by contingency planning to explore the consequences should the risks come to pass.
We are able to provide a number of risk management solutions to protect you against unfortunate outcomes.
Every company and its ownership structure are entirely unique, so it’s impossible to generalise about the available options.
Regardless of the size, or type of your business, a chat with one of our financial planners is always the best first step.