The first step in putting together your protection plan is to identify the risks that your business could face. Most of us will take steps to protect the obvious, such as plant and office equipment, and intellectual property. However, people themselves are often the most important asset for a business, and their loss, temporarily or permanently can have a far greater impact. Even so, this type of protection is often overlooked. Of course, some business risks, like market fluctuations, you will have little control over. But the other risks and events you can plan for – and that planning can mean the difference between success and failure.

Without a proper plan, if you were to suddenly become permanently disabled or to die prematurely, the future of your company might well be at stake. Now is the time to put a succession plan (Share Purchase Agreement) in place – this can help make sure your wishes for the future of your company and assets can be followed through, leaving your family and your business debt-free, and providing financial resources for your chosen successor if they need the funds to purchase the shareholding left by your departure.