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Morning Run

Business

Business Owners and Entrepreneurs

Financial planning for businesses, is intertwined with the lifestyle and finances of the owners, and our team can support you in both aspects. 

 

We will follow the key steps by helping you to:

 

  • identify where the company finances are currently

  • determine the goals and ambitions of the business

  • ascertain how these relate and impact on your personal lifestyle and goals

 

This will allow us to ​draw up a plan of how to work towards these combined personal and business targets.

Whether you are the owner/director of a well established business, or just starting out as a budding entrepreneur or consultant, our financial advisers have a proven track record of running businesses, and are therefore best placed to help manage both your personal and professional interests.

We have a proven background in running businesses and as a result have a greater understanding of what it means to be a business owner
In the forest

Shareholder Protection

If a fellow partner or shareholder were to pass away, their share of the business becomes part of their estate and the ownership of this share will pass to any beneficiaries in accordance with their will.

 

This could mean that all of a sudden family members could unwittingly become the resultant owners of the business. This could be problematic if YOU and other owners/shareholders were not in a position financially to buy back the shares.

Further problems could arise if the family members decided to subsequently offer their shares to a 3rd party.

Our advisers can help ensure these scenario's can be avoided by helping to draw up shareholder agreements which ensure that the surviving partners in the business have the first option to purchase the shares from the deceased family, and backed with an insurance policy to help fund the share purchase.

Business Loan Insurance

Borrowing money for your business can be an essential tool for investment and growth but the ability for the business to service this debt and meet its repayments, could be heavily reliant on one or more key members of the company.

 

Similar to Key Person Insurance, but more specific to borrowed funds, Loan Insurance can be used to repay mortgages, commercial loans or overdrafts on a level or decreasing basis on the death or critical illness diagnosis of a critical person in the business.

Not only does this provide you and your business with peace of mind, but will provide comfort to any proposed lender.

Key Person Protection

When business owners are asked what company assets they insure, they always list their premises, plant and machinery, vehicles and computer equipment for example. 

However, what would happen to the company if a key employee, director or shareholder were to die or become critically ill? The cost to the company could be devastating and may be critical to the company’s future survival.

Our advisers can help you with Key Person Insurance, which can help create some financial security in the event of such a scenario. This type of policy would pay out a lump sum or regular payment on the death or incapacity of a key employee to help fund the costs of sourcing a replacement or to contribute to lost revenue.

Relevant Life Insurance

Relevant life insurance is a life insurance policy on the life of any one of your key employees (including directors), designed to pay out to the employee's family on their death. This type of policy is a cost effective alternative to a group death in service benefit, where the business might not have a large enough workforce to benefit from larger group discounts.

There are several advantages to these types of policies such as often being a great deal cheaper than personal policies with the same benefits, the premiums are usually an allowable business expense for tax purposes and without any benefit in kind charge, as well as being an attractive employment benefit to attract and retain staff in your business.

For business owners with higher wealth, and who's personal estate may be in excess of the inheritance tax thresholds, this policy can be placed into trust, and the payout on death used to cover any inheritance tax liability. 

Booking a Meeting

Contact one of our advisers today to discuss your business finances.

XV Wealth is a trading name of Corbel Partners Limited which is authorised and regulated by the Financial Conduct Authority.

 

Registered in England and Wales. Registered number: 05280582, Registered Address: 750 Mandarin Court, Warrington, Cheshire, Wa1 1GG

Our complaints procedure is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk

 

Information contained in this website is based upon UK legislation and regulation and is targeted at consumers based in the UK.

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