In Scotland, we have a proud history of family businesses and to this day, Scotland is still dominated by largely family-run SME’s. While this is something that we should be rightly proud of and celebrate as a country, many of these businesses are inherently vulnerable and lacking essential business protection.
At Murphy Wealth, we’ve found that this is because within family businesses, there is an element of trust that makes standard business protection processes and practices seem futile and is often disregarded until it’s too late. Disaster strikes and it often leaves the business and those within it vulnerable and instable.
Although the discussions you’ll have to have about Business Protection may not be comfortable or pleasant, they are necessary. Business Protection isn’t just for the business and isn’t just about money. Business Protection implementation means you can protect each other, your family, the business and your employees. It enables your company to thrive and the people within it to feel secure.
If your business isn’t protected, ask yourself, if there was a disaster tomorrow, would the business survive it? If somebody died, if somebody became unwell and couldn’t work, if a relationship broke down, would the business be protected? Could the business move forward with a key component missing?
Another key consideration is the debt that your company holds. Should a business owner face death, illness or a personal crisis, the debt that was taken out against the company must be protected in their absence which often isn’t the case and has been the catalyst for business downfall and difficulty. Ask yourself: how amenable is your debt and what steps have you taken to protect it?
The formalities can seem daunting initially but once you’ve taken the steps necessary, you can rest safe in the knowledge that you, your family and your business are protected.
At Murphy Wealth, we can help to mitigate any concerns you have and help you to protect your business. We can help you with the necessary decisions, ensure that you all agree on the steps that will be taken and formalise your Business Protection.
Contact us today to find out how we can help you and your business.
Top 5 things a Financial Adviser can help you with
Why let someone else help you manage your finances when you could just ‘do it yourself’? The best way to find out is by asking the people that have one. And that’s why we asked our clients and made a list of the top 5 things they said we helped them with.Read more