Business Advisory Services 

Owning your own business can be both scary and exhilarating. You've no doubt worked hard and made many sacrifices or will do so. It is therefore absolutely vital that what you've worked so hard for, is protected. Small and medium-sized businesses face many risks if an owner, partner or key employee becomes disabled or dies unexpectedly. There are also dangers if a partner or owner becomes embroiled in a divorce action. If you are involved in your own business you MUST be able to satisfactorily answer these questions:

  • Does my shareholding need to be held by my family trust?
  • If I or one of my partners were to become disabled and unable to work for any period of time, would the business be able to continue paying that person's salary?
  • Will our medical benefits be sufficient, or will we have to draw cash from the business to meet medical expenses?
  • What happens if my partner gets divorced and his/her share of the company is included in the divorce settlement?
  • Will cash be available to buy out his/her shareholding or will we be forced to sell the business or take in a new partner?
  • If one of the partners suddenly dies, is there enough cash available to buy out his/her share and at what price?
  • When I, or one of my partners, retires one day, what will happen to that share of the business? Is a buy-out plan in place?
  • What happens if one of my key employees, with unique skills or contacts, dies unexpectedly? How will I keep the business going while I try to replace him or her?
  • How will my family or partners meet the estate duty obligations of my estate when I die?


These are complicated, critical issues that must be dealt with and require the advice of a financial adviser and legal expert.

 

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