Do you run a business? Then this business failure warning is aimed at YOU!
Do you work for a business?
What would happen if the key people were involved in an accident or perhaps the MD had a stroke?
Would your wages be paid?
Would creditors such as banks become impatient and issue a winding-up order before the key players had recovered sufficiently to sign cheques and make decisions?
Would a solicitor end up running the business and charging hundreds of pounds an hour for what may well be total ignorance of how the business works and how to make it survive and thrive?
If the senior staff have had sound professional advice and arranged their Lasting Power of Attorney sensibly, all may be well. But it isn’t likely, I’m afraid. This situation could arrive due to a car accident, illness, or stroke. Of course, loss of the ability to make decisions is often associated with dementia but at least there is usually a good warning of that.
Not so with a stroke or car accident. The business could be rudderless in seconds with no prior planning. Indeed, that would be normal
Even quite large business can be wiped out by such problems.
Your choice of attorney could be a business partner or your accountant or anyone who has the ability to keep the business on track whilst longer-term strategies can be thought through and implemented.
The true benefit is knowing that you have planned and nominated the right person to be able to stand in your shoes and give the business the continuity it needs at what would be a very difficult time.
In smaller businesses, the power to sign cheques, make orders or sign contracts may be massively impeded when a key person can’t carry out the role. Even in larger businesses, banks may be unwilling to continue supporting a business where the key player may never return.
So heed our BUSINESS WARNING and get organised today!
Business Warning – has your boss got a business Lasting Power of Attorney?
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