Protecting Your Business
As most closely held businesses represent the lion’s share of their owners’ financial wealth, it is vital that the business owner take sufficient steps to ensure its value is protected, both for the continued operation of the business and the financial security of the owners’ family.
Our services are designed to answer questions such as:
- What happens to my business if operations are significantly impaired for a period of time?
- What risks are my business and my personal wealth exposed to and how can they be mitigated?
- If something happens to me, will my business continue to provide for my family?
- What is the impact to my business if key employees or shareholders have a difference of opinion or decide to leave?
Disaster Recovery Plans
Preparing a detailed recovery plan that addresses all the critical elements of your business, such as communications, operations, technology, employees, etc., will enable your business to recover from a significant event as quickly as possible and limit the negative impact to your business.
If your business is unfortunate enough to experience a significant legal claim, the last thing you want to worry about is financial exposure to your personal assets. We can help you structure your business in a manner that maximizes the protection of your personal assets.
Most closely held businesses rely significantly on the owner to run and manage day-to-day operations, and these businesses also represent a significant portion of the owner’s personal wealth. In the event the owner is prevented from running the business, its value can be significantly reduced. In the midst of this challenging time, someone else would be required to step in and manage the day-to-day operations. We can help you select an insurance product that will protect the value of your business under these circumstances, as well as provide a means for your family to sell its ownership or hire a manager to oversee the day-to-day operations.
Shareholder and Employee Agreements
When starting a business with more than one owner or bringing employees into the ownership group, it is vital that procedures to resolve disputes be discussed, agreed upon and documented up front. This will minimize the negative impact to the business in the event of a dispute, when discussions between the owners might not be amicable.
Please contact us to discuss how you can better protect your company.