While ill fortune is virtually impossible to predict and some risks are difficult to avoid, planning ahead begins with a realistic assessment of risks you might face, and then designing strategies to minimise these risks.
Advice to protect business assets from risk, such as business failure or litigation.
Determining the right business structure for your circumstances.
We opened Deon’s eyes to the risks involved in operating a business under the current structure. After multiple conversations, we were able to show that he was exposed to a great deal of business risk which put his personal assets in jeopardy and that this risk would have a devastating financial impact on his family and his ability to provide for them.
We restructured his business to ensure his personal assets were better protected and his exposure to business risk was minimised.
Two years later, the business went into financial hardship following the loss of a big customer and could not repay its debts on time. The business sold any assets it had to pay off debt, but unfortunately had to close as the debts could not fully be repaid. Despite this, Deon was able to keep the family home.
Name changed to protect privacy.
When it comes to structuring your business, don’t expose yourself to unnecessary risk. Contact us to speak about where you are now, and where you would like to be in the future.