Protect yourselves, says IFA
Published Wednesday, January 6th, 2010
Posted by Nick Eyriey
Editorial director Nick Eyriey is an experienced and respected journalist having spent some 20 years in the local and national press working with newspapers such as The Yorkshire Post, Today, The Sun, and the Mail on Sunday.
One of the south west’s leading firms of independent financial advisers has launched a campaign to get business owners thinking about business protection.
As the country gears itself up to move out of recession, Truro and Wadebridge-based Worldwide Financial Planning is urging business owners to think about how to give more protection to their company.
And to help businesses across the region, Worldwide is offering free one-hour consultations to look at the key aspects which can have an impact.
“Business protection is easily one of the most passed over subjects in any company,” said Worldwide’s managing director, Peter McGahan.
“The business owner is too busy either making hay while the sun shines or battling recession to think about one of the key areas that can cripple even the most successful businesses.”
According to Worldwide, there are three key areas of protection in a business: succession planning post the death of the owner; protection in the event that a key person dies, and debt protection.
“In terms of succession planning, post the death of the owner, far too many businesses don’t even have a business will,” said McGahan.
“A business will makes it clear what should happen to the business when the owner dies. Without a business will, a business that has built up quite a value over the years can easily become valueless.”
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