Advice for Business Owners

It’s all plain sailing – Yeah Right!

Strangely most businesses will take out insurance to replace such things as plant and motor vehicles against loss or damage, but the true value of people is often ignored until it is too late.

Which is the more important: The Golden Egg, or the Goose that lays it?

Advice for Business Owners

The financial loss caused to a business by the loss of a Key Employee; you - the Business Owner or a Business Partner will be significant if not catastrophic.

Like most things, there are things you can do when times are good that will prepare for when times may not be so good. For example, you should prepare documentation that should be in place between Partners or Directors to outline what will happen if the business hits a speed bump, or someone dies, or someone wants out – let's face it, all relationships work well until they don’t. That’s when documented records and agreements protect all parties involved.

I am not a Legal Experts, but I do know that a binding Legal Agreement should match the terms and features of an insurance policy, which are factors that are quite often overlooked in the preparation of such agreements.

I work with my Business Owner clients to help them identify their business risks, manage those risks, or pass the risk on – Likewise, I ensure the appropriate agreements reflect entitlements and expectations to ensure, that should something happen to a Key Person, that the Business and interested parties remain protected and viable.