What happens if the business cannot rely on you tomorrow?

For many owner-managed businesses, the owner is simultaneously a producer, decision-maker, relationship holder, guarantor and source of family income. An interruption can therefore create consequences in several places at once.

Questions worth examining include how long the business could operate without your active involvement, which obligations continue, what replaces your income, and what liquidity would be available to the business and your family.

Income replacement, disability risk, critical illness, life insurance, emergency liquidity, business overhead and succession considerations may all be relevant depending on the facts. The appropriate structure depends on your business and should be coordinated with other professional advice where needed.