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Business Succession Planning

So, you're a business owner.  Business is going well; you're making money and building a great asset.  But what will happen if you suffer a disability, illness, or pass away?

It is vital that you think about how you are structured, whether you have people in the business who are major contributors to your revenue (this may include yourself) and what business debts you have.
Ownership Protection: Have you gone into business with someone other than your spouse?  If so, think about whether you would want to be in business with your partner's spouse or children if he or she was not around anymore.  Often, the spouse and children do not have the skills to contribute to the business, nor do they want to.  How would you fund purchasing their share of your business?
Asset Protection: Would you be happy leaving business debts to be dealt with by the beneficiaries to your estate?  If you were injured or ill instead, you should think about whether your business will be able to keep meeting its debt obligations while you are absent?
Revenue Protection: It is not uncommon for a business to have key people; these people are those whose skills, expertise, and/or contacts provide the business with a significant economic gain.  If one of the key people in your business passed away or was unable to work for an extended period due to illness or injury, what would be the financial impact to your business?
These are major considerations for business owners and quite often go unaddressed. We, at 20/20 Advice, specialise in providing expert advice in this area to ensure that your wishes are met. 
A well-structured plan can help you avoid problems down the track and insurance is the most cost-effective and often the only way to provide sufficient funds when they are needed most.  After all, you've worked too hard building your business to have it impacted by the loss of a key person or for decisions to be made by people that just don't have the skills. 
Having a specialist partner, like 20/20 Advice, when considering your business succession plan will ensure that you get the structure right which can save you tax, time, and worry and make sure your business assets and ownership are suitably protected.

The Business Succession advice we provide includes:


Business Succession

 Buy/Sell Insurance
 Ownership Protection

Business Debt Planning

 Debt Insurance
 Asset & Guarantor Protection

Key Person Funding

 Death & Disability Insurance
 Revenue Protection
20/20 Advice Pty Ltd ABN 51 166 265 023, Corporate Authorised Representative
AIW Dealer Services Pty Ltd ABN 59 153 322 420 | AFSL 414256, Level 7, 39 Sherwood Road, TOOWONG QLD 4066