WEALTH PROTECTION….What’s it all about and do you need it? When thinking about wealth protection, it’s worth attaching the term “Wealth Preservation” to it.
The upshot is that businesses often form the largest and most valuable asset/s in a business owner’s asset base. Does the value of the business need protecting/preserving then? Of course it does! Consider the following question……..
Why start up a business? There are many reasons for doing so – the want for independence, a desire to make more money than you did or can as an employee, to offer a product or service that you believe is better than anything else comparable out there … and a host of many other reasons.
Unfortunately, too many business start-ups fail to cater for the success that they both hoped for and indeed experience, in that they have been short-sighted on how to go about things when they decide, or have events decide for them, to exit the business.
If the decision to exit the business is a voluntary one, the question is often “Who, if anyone, is going to buy the business?” or “How can I pass on what I have built to future generation family members?”.
Conversely, if events such as death or disability force the key person or persons to exit the business, what has been undertaken to allow for a transfer of ownership – at a fair price?
The answer lays in ensuring that a good succession/contingency plan for your business exists – one that includes the right exit strategy, securing the value of your business for your family.
The formation of such a plan requires the input and expertise of professional advisers: it’s no place for amateurs.
But wait – there’s more! Other events can also stand to cripple a business, such as a cyber attack or the total destruction of your business by fire, destroying all your records in the process. The implementation of Cloud Technology systems can ensure that your business can essentially continue uninterrupted.
To find out more about ensuring that you have the right wealth protection/preservation strategies in place or how to go about addressing this subject, either call us now on 0452 1444 76 or email us at firstname.lastname@example.org. We’d love to hear from you!