"Running a business isn't for the feint of heart. It's for the brave, the patient, and the persistent. It's for the overcomer." This anonymous quote perfectly describes the character of a successful small business owner. It takes more work than most people realise and you have to be willing to plow through when the going gets tough.
Small business owners work exceedingly hard, spending their own time and money to operate and market their businesses. Because of this, they may not make a profit for quite some time. They often have to say goodbye to 40-hour work weeks, at least at the beginning. Often, they work 50-70 hours a week, which can sometimes make work-life balance nearly impossible. And even after putting in the hours, 56% claim they don’t have enough time to get everything done.
But while business owners are focused on growing their business, many will often neglect to consider what will happen to their business if they were injured in an accident, or suffer an illness, or what will happen to their business when they die. This is likely to be one of their most valuable asset (apart from the family home), either in terms of its capital value or its importance as an income-generating asset and so careful thought is required to ensure you have considered what should happen to the business in the event of any of these circumstances arising.
Business owners failing to have an estate plan in place run the risk of undermining a lifetime of hard work, jeopardizing the livelihood of their employees and co-Directors, as well as causing hardship and difficulties for their loved ones.
Here's our quick guide to essential planning for your business: