Preparing your business for the future is as important as focussing on the here and now.
There is no denying that the last six months has put massive pressure on business owners and senior team members. Keeping everything together ‘at work’ (though in reality more likely on a makeshift desk in a spare room at home) has demanded a mental toughness rarely tested. How different companies have fared depends as much on their specific sectors as the leaderships’ ability to flex.
As we all plan-ahead, either to maintain stellar progress or simply ‘get back on the horse’, it is a great time to refresh our respective short, medium and long- term goals.
There will inevitably be casualties as some business models that have remained unchanged for decades get left behind. This changing landscape also provides opportunities for those willing to see it that way; perspective has never been so subjective.
Part of the planning should include a review of your partnership and/or shareholder agreements and associated “Profit Protection” Insurance arrangements.
If you allow yourself to consider some ‘what if” questions, you may appreciate the need:
– What if a shareholding Director were to die or suffer a terrible illness?
– What would happen to their shares?
– Can the business afford to buy back the shares from the deceased’s family?
– Are business liabilities/ borrowings also covered?
– Are we reliant on one or two Key members of staff?
– Would the business survive if they died?
We have seen examples of local businesses continuing as everything was in place; sadly we’ve also seen the opposite and not only do loyal employees lose their jobs, but Profits are reduced, Capital value is eroded and Legacies are tarnished.
Peace of mind is probably not as expensive as you think…
To arrange a second opinion regarding your own arrangements, in the strictest confidence, contact Graham Mills on 01743 240968, by email firstname.lastname@example.org or visit www.njwealthplanning.co.uk
Nick Jones Wealth Planning is an Appointed Representative of and represents only St. James’s Place Wealth Management plc which is authorised and regulated by the Financial Conduct Authority for the purpose of advising solely on the Group’s wealth management products and services. More details of which are set out on the Group’s website www.sjp.co.uk/products