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For many business owners, maintaining positive cash flow and a stable balance sheet can be an on-going battle that is all consuming. As a business owner, it’s important to consider what would happen to your business if you were unable to make decisions. This may be if:
- You were abroad on holiday or for business
- You were to have an accident
- You were to have a medical condition that incapacitated you. In such circumstances, who will authorise the payment of bills, sign cheques, service a business loan or pay salaries? Don’t assume that a family member or a business colleague will gain the authority to make these decisions on your behalf – this assumption could leave your business exposed to risk.
Businesses often fail when the owner becomes incapacitated or dies, establishing a sound business succession plan is essential for most business owners.
Without a plan, the future of your business can be at stake. If you decide to leave your business to a family member it is important to consider the legal and tax situation, as well as the impact on family relationships. Where there are multiple partners or shareholders it is even more crucial to look at what would need to happen should things take an unexpected turn for the worst.
To avoid disruption, it should be part of any business owner’s continuity plan and crisis management strategy to consider making a business LPA.
With the many options available to your business, you’ll want an expert to help you establish a plan, so speak to us today and learn what succession planning tools and options are available.