Manage Financial Risks

• Protect your valuable assets.
• One of your most valuable assets is you and your ability to generate an income to allow you to meet commitments and accumulate assets over the long term.
• Personal Risk insurances to cover illness, trauma, disability and death should be considered particularly if you have dependants or borrowings.
• Avoid derailing your plans and being a forced seller of assets. General business and property insurances are important to consider.
• Ensure you have plans which outline how you will repay debt in all worst case scenarios.
• Running a business exposes you to many risks you can’t control – make sure you receive advice about how to cover these risks and review your strategy frequently.
• Check your business structure and make sure you are aware of strategies to protect your assets.
• Consider ownership and control of assets carefully.
• Consider Directorship roles carefully.
• Plan your succession carefully.
• Have a plan to maximise the value of your business assets and minimise taxes when you are ready to exit.
• Have a comprehensive estate plan to ensure certainty of transfer of your wealth.
• Make sure your business has strong corporate governance in place.