Future Proofing Your Assets
Have you thought what would happen to your business as a result of some disaster: –
The loss of a substantial customer
A major debtor being unable to pay you.
A major supplier not delivering stock you need
A key employee being involved in a car crash
A fire in your warehouse
You can’t anticipate everything but you can anticipate many scenarios that can put
You out of business and take steps to minimise the risks involved in them happening.
Here are some thoughts for you.
What is going to happen to your business if something takes you out of action even for a comparatively short time?
Is your spouse capable and knowledgeable enough to run your business in the interim or have you someone in your business that can act in your place?
In the event of you being unable to return to your present position, what do you want to happen with your business?
If there are a number of shareholders, in the event of death or disablement of one of the main managers, have you agreed on what is to happen with those shareholdings?
Sometimes there are two families involved in the one business and in the event of the death or disablement of one of the main managers, are there any arrangements to dispose of their shares at a fair value?
If not, who do you turn to?
So what about your accountant and your other advisors – legal and financial?
In particular, in the event of one of the scenarios occurring, what would you want us to do?
We need to discuss this and get your wishes.
Exiting your business
For young businesspeople, retiring seems a long way off.
Planning for it takes the stress out of later years in providing for your retirement.
Whether you have superannuation, income protection insurance, sufficient insurance to cover your mortgage debts and provide for your spouse are some of the things that need to be considered.
If you are thinking of selling your business within the next five years, now is the time to plan for that sale and make sure that your business is as attractive as possible to potential buyers.
Simple improvements such as tightening your stock control, collecting your debtors faster, paying off business loans can result in a much better net sale result.
We can help you with this process.
