Advice when running a business

Advice when running a business.

If you are running your own business, you have a number of options to build and protect your wealth. One important consideration will be succession strategies to safeguard your business from unexpected events.

For example, if you're in business with other people, you might consider establishing a buy/sell agreement. This is a legal contract that facilitates the orderly transfer of business ownership if a death or disability occurs, generally allowing the business to continue to operate.

With financial advice, there may be a number of ways you can fund the buy/sell agreement tax effectively, such as by purchasing life and total and permanent disability insurance through a super fund, where the after-tax premium costs may be lower.
Flexible business protection insurance is just one of a range of strategies that could help you, your family and partners in business. To understand if this or other strategies are relevant to your unique circumstances, call Wealthfarm today on 1800 967 548.