Your financial planning should keep up with these changes otherwise your plans could be found wanting.
Protect your business - a very valuable asset.
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Your business is a very valuable asset in your personal estate – for many business owners the only asset. Have you ensured that the full value of your business will be available for your heirs at the time of your death?
Most business owners sign surety for business debt. Many even forgot that they once did.
Will your heirs find out that you did and that the life cover which should have been used for their protection will now be used to pay a business creditor?
Can you afford to stop trading because your business assets were stolen, or damaged in a fire or flood, or because you were a victim to cybercrime?
You might be planning to retire on the proceeds of your business. What if your business does not realize the value you intended? What if the nature of your industry changes to such an extent that you cannot sell your business at all? What if you become too fragile to run your business and you are forced to sell at the wrong time in the business cycle?
To get answers to these and other financial planning related questions, use our Financial Fitness Analysis tool to get an objective financial analysis.