Step 1 · Step 2 · Step 3 · Finish
Step 1 - Is the future of your business control something you have thought about? Should you become ill, injured or die, these are inescapable issues for all involved in small to medium sized business. Business owners should ask themselves these questions.
1.
Do you have a strategy in place to ensure your business remains in the right hands should you become ill, injured or die?
Yes
No
2.
Would you see it desirable to have a structure in place creating certainty around the sale and purchase of shares or ownership on the death or disablement of the owner, a shareholder or partner?
Yes
No
3.
Do you have the money today if you had to buy the shares of a deceased owner, a shareholder or partner?
Yes
No
4.
Is your spouse/partner or employee able to continue running the business if you are disabled or die?
Yes
No
5.
If you are disabled or critically ill, will your business suffer a shortfall in revenue or profit while you recover, even if you're able to continue eventually?
Yes
No
6.
Have arrangements been made so that in the event of death, serious illness or total & permanent disablement of the owner, a shareholder or partners role in the business is replaced?
Yes
No
7.
If a shareholder or partner died, became critically ill or is seriously disabled and had to leave the business, do you have agreements in place in respect of repayment of the current accounts?
Yes
No
When considering the factors that drive profit within your business, it's important not to overlook the impact key individuals have on a business.
