The death or serious illness of a key director or employee can have far-reaching or even disastrous consequences for a business. It can result in:
- Loss of profits
- The recall of loans
- Reduced capacity
- Loss of key clients/contacts
- Reduced practical know-how
Who is a Key Person?
- How easily could the business replace their expertise/knowledge?
- Without them, would business plans, growth, profits or expansion be affected?
- Would the business potentially lose customer confidence or credibility in their absence?
- Are there any financial arrangements dependent on the key person?
We can advise you about how to provide a cash sum that will enable your business to survive in the short term while you deal with the immediate effects of the loss of a key person within your organisation. Over the long term capital can be made available to subsidise profits whilst a suitable replacement is recruited and gains the relevant experience.