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kilkennyobserver.ie
The Kilkenny Observer Friday 10 September 2021
News Your Money
Protecting the boss is your business BY JOHN ELLIS FINANCIAL ADVISOR
LAST week we discussed personal protection and the need to protect ourselves and our loved ones against the financial problems that follow serious illness and death. This week we look at the situation as a business owner as there are additional concerns should we fall victim to serious illness or the future running of the business in the case of our death. In the event of the death of a business owner who would take over their share of the business? And where would the remaining shareholders get the funds needed to buy the shares back from their family and even more importantly has this plan even been formalised? What would happen to your business if a co-owner died prematurely? Would the remaining co-owners continue to maintain control of the business? Will they have the funds to buy back the share of the business from the de-
ceased member’s family and has this plan been formalised? Many business owners believe that it simply won’t happen to them. The chances
of a partner or director, in a small business dying or becoming seriously ill before retirement are a lot higher that you might think. Many problems can arise
for a business when a partner or key employee dies prematurely or becomes seriously ill. The lack of credit to small businesses could result in
some surviving business owners having insufficient funds to purchase a deceased owner’s share of the business or in some incidences getting into financial difficulty because of a key employee’s death. What if you have an investment property within the business? Ask yourself these questions. Does the property form part of your financial plans? Could the property be a burden to your family instead of the safety net it was meant to be? And if you died, would you leave it mortgage free? There are specific business protection plans available in the market They are for individuals who want to ensure that their business or investment property will provide their family with financial security in the event of death or serious illness rather that a burden. These plans are flexible and excellent value for money and can be used to provide funds needed to buy out a deceased partner’s share of the business or clear outstanding mortgages or debts. They provide for a deceased business owner’s family in the event of premature death,
ensuring a surviving business partner retains ownership and control of the business and avoid the need for personal loans to be taken out In the case of an investment property, contracts are available that can be used to pay off some or all the outstanding mortgage on the investment property thereby reducing the burden of monthly payments for dependants and providing an asset for dependants You can’t predict the future but you can plan for it. While we all hope and often believe it won’t happen to us, the reality is that people throughout Ireland are affected by unexpected illness and premature death every day. Each year, Financial Advisors sees the serious life changing and personal challenges that their customers must face, along with the real value of having a relevant protection plan in place. So its again imperative to talk to a professional financial adviser who can help you make the right decisions about the ways you could help protect your business and family. John@ellisfinancial.ie. 0868362633
Peer support through lived experience ANDREW MCDONALD HYPNOTHERAPIST
IN this column, we have already looked at how recovering from a mental health crisis is only the first stage on the path to enjoying wellness. That isn’t to belittle the effort needed to take that first step towards getting better. The will and determination required are huge. Anybody who has achieved this should feel very proud of themselves. However, it is frequently a set up for failure to not continue the hard work done to ensure the path to a healthier life doesn’t suddenly veer off in an unwanted direction. A good comparison would be when somebody breaks their leg. The crisis is the excruciating pain and inability to move which accompany the fracture. We deal with this by going to the hospital where X-rays are taken and the limb is put in plaster. Over a period of weeks and months, the bone knits
back together. However, this is only part of the process. The patient will almost certainly have to engage in a programme of physiotherapy to regain full strength and movement. Without it, only a part of the process is completed, the leg won’t be fully functional and will be vulnerable to further injury. A mental health crisis is no different. At this stage, professional medical attention is needed. In milder circumstances, going to a GP is a good first step. If the situation is more serious, a person may need to go straight to hospital. A doctor will be able to prescribe medication to stabilise a patient’s condition and can also recommend a programme of treatment, therapy or counselling. Other therapeutic options such as CBT or hypnotherapy can be very effective but qualified expert attention in the form of a professional medical practitioner should always be the first port of call. Medication and therapy are only part of the process though. They can help a person to get to a point
where they can start putting building blocks in place to improve and stabilise their road to recovery. It’s very difficult to start on the path to wellness without them but they, on their own, can only do so much. Think of them like the plaster on a broken leg. Without it, the pain is intolerable and movement impossible, but it isn’t the full picture either. Peer support can be extremely valuable. This is when you work with somebody who is on their own recovery journey, only a little further ahead than you. This helps you to see that there is light at the end of the tunnel and gives you opportunity to learn from somebody who has been exactly where you are. Recovery colleges are a great place to find this support. Professional expertise and lived experience are brought together to deliver valuable skills in mental wellness. Both peer support and useful courses are offered and can be very beneficial for anybody seeking to progress on their journey of recovery to mental wellness.
