How Would Your Story End?

A few months ago, I went to one of my favourite restaurants to find it closed. A sign on the door stated that the restaurant was closed indefinitely because the owner/chef required shoulder surgery and they were not sure when he would return to work. It went on to say they had served their customers for the past 18 years and hoped to be back again in the future. The restaurant was subsequently closed permanently.

My first reaction was self-centred disappointment – when was I going to be able to enjoy the food again?

But then my Financial Adviser mind kicked in! How could a shoulder surgery shut down a business? What was their contingency plan? Was there one?

Business owners might anticipate potential liabilities and loss of assets but often do not deal with the vulnerability of their business due to the dependence on themselves or other key team members.

If you are a business owner, consider the following:

Is your business dependent on you or any other key persons?

What would happen to your business if you/your key person were unable to work, needed to exit the business unexpectedly, or passed away?

Do you have debt in the business?

What are the consequences on your family if you are unable to work?

Don’t let this become your story! Determine how your story would end under these circumstances – I can share solutions and strategies.

Valentina Pereira is a Registered Financial Adviser and a Chartered Accountant with the Institute of Chartered Accountants in England & Wales. The comments above are not intended to be personal advice. If you would like to discuss the contents of this article, please contact her on valentina@mirockfs.co.nz or 021 627 802

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Do any of these describe you?

 A busy family  Working hard and every cent is precious  Think you are young, fit and healthy and nothing can go wrong?

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Truth is

Life happens. . .

When was the last time you reviewed your insurance? Do you know what you have versus what you really need?

I live and work locally and am passionate about helping people protect themselves, and their families. Have any questions? Contact me, Valentina Pereira and we can chat over a coffee. t 021 627 802 I e valentina@mirockfs.co.nz I www.mirockfs.co.nz

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