An Expert Partner blog featuring CH4B Expert Partner, Kinherit. Content Directory Do you have a plan that will ensure the continuity of your business in the face of unforeseen circumstances, such as death or incapacitation? Without a robust succession plan, your business may face operational disruptions, financial instability, or even closure. Statistics reveal that many […]
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An Expert Partner blog featuring CH4B Expert Partner, Kinherit.
Content Directory
Do you have a plan that will ensure the continuity of your business in the face of unforeseen circumstances, such as death or incapacitation?
Without a robust succession plan, your business may face operational disruptions, financial instability, or even closure. Statistics reveal that many SMEs lack adequate succession strategies, leaving them vulnerable during critical transitions.
Chris Gault, CH4B Client Services Director and Strategic Business Coach, explains further:
“When I start working with a CH4B member, during the onboarding process I always ask ‘What would happen if you weren’t around?’. Whilst it might seem like a dark way to start strategising business security, it is so often overlooked. Whether you’re in a partnership or a sole director, it’s important to consider next steps to ensure that all of your hard work and effort is handled as you’d wish in the event that you can no longer run the business.
We work with our members to develop comprehensive business plans that include ‘worst case’ scenarios, and we work with specialists to ensure that legal matters are handled with precision.”.
CH4B’s Expert Partner, Kinherit are STEP qualified estate planners. In an unregulated industry, it’s reassuring to know that they are aligned to the gold standard qualification body for wills and trusts in the UK. This is just one of the reasons we vetted and verified Kinherit for their excellent service to SMEs and our members.
Kinhert work with SME business owners to secure the future of their estate, and their one of a kind ‘Kinvault’, a secure online handover platform ensures that in the event of death, the individual’s wishes are efficiently carried out.
What happens if you aren’t prepared?
If the worst happens, and you don’t have a Will, Trust or Lasting Power of Attorney in place to execute your wishes, authorities can cease control of your business, your accounts, and in extreme cases where your estate includes dependent children, they could be taken into emergency care. At home, your partner could be left without access to accounts that pay bills, and in the case of your business, staff or suppliers may not receive payments.
It’s vital that business owners plan for the future from the very start of their business journey to prevent any unnecessary and stressful interruptions.
Here are actionable steps you can take to secure your business’s future…
1. Develop a Comprehensive Succession Plan:
2. Implement Legal Safeguards:
3. Engage Professional Services:
Proactive succession planning is essential for SME owners aiming to secure their business’s future against unexpected events. By taking deliberate steps and consulting with professionals, you can ensure that your enterprise remains resilient and continues to thrive, regardless of the challenges that may arise.
Take the next step with CH4B and Kinherit
CH4B can help you to create a strategic business plan, and introduce you to Kinherit, our estate planning Expert Partner. Book a complimentary Taster Strategy Call here to find out more:
