Managing Business Risk…

As a business owner, you know how important you – and your key people – are to the ongoing success of your business. If any one of you was affected by serious illness, disability or premature death, it could be disastrous. Especially if your business is the basis of your family’s current and future financial security.

Here are some things your Triplejump adviser will help you to consider:

About you

1. What could happen to the business revenue if you suffered a serious illness or disability and were out of action for more than a few days or weeks?
   
2. How could the business operate if you were not able to be there?
   
3. What personal guarantees have you given on business loans that might be at risk?
   
4. If your spouse or partner became seriously ill, or disabled, or died, what impact could that have?
   

About your business partners

1. If your business partner was ill or disabled, what impact could that have?
   
2. What could happen if you or one of your business partners died? Is it clear what would happen to the ownership of the company?

About your family

1. If something unexpected happened to you, or to someone else in the business, would your family’s current and future financial wellbeing be jeopardised?
   
2. Is the family home secure, no matter what?

About your employees

1. Whose expertise is the business reliant upon and what could be the impact if they became seriously ill, or disabled, or died?
   
2. If you had to employ a short- or Long term replacement, how would you pay for that?
   
3. Could helping employees with their own contingency plans be a benefit that would increase their loyalty?

We will explore all of these eventualities with you. Then we will prepare a risk management plan for your business. We will help you to assess:

1. The value of establishing a clear “Buy/Sell” agreement between shareholders in the event of death or disablement
   
2. The likely financial effect caused by the loss of a key person and the needs of the business to manage the risks
   
3. The exposure of the business owners to creditors calling up financial obligations
   
4. The options for transferring risk to insurance companies
5. If you need a succession plan

Your business risk management plan will be a living document that we will review with you regularly. Circumstances change. Things that applied before are less important today or there are new liabilities to consider. Together, we will ensure that the provisions you have made stay relevant and appropriate for the business and for those with a stake in it. And should the day come when you need to activate your plan, we’ll be there. Helping to implement the provisions you made.

At Triplejump, we help you plan for the unexpected. Together, we can make sure that – no matter what life brings – your business has a survival plan, you and your business partners' incomes are protected and your family is provided for.