Business Risk Assessment & Asset Protection
Don’t be one of those people that put your personal assets unnecessarily at risk.
If your business operations or structures are putting your assets at risk find out how you can be better protected. Don’t risk everything you have worked so hard to accomplish.
Why Assess Business Risks?
For most business owners their interest in their business is one of their major assets. Businesses face inherent risks from a range of internal and external factors most of which cannot be insured against. This means that most business owner’s main asset is at risk to some degree.
The implementation of appropriate Business Risk measures and agreements can also add significant value to your business if you plan to sell it in the future.
How We Help
Our Business & Commercial Lawyers strive to help business owners by taking a proactive approach to the identification and assessment of risk and the implementation of measures to avoid or minimise those risks so as to ultimately protect the value of the business owner’s shares or equity in the business for them and their families.
Our approach to Business Risk Assessment is always to ultimately preserve a business owner’s capital or equity in the business for them (upon retirement, illness or disability) or their families (upon the business owner’s death). Our Business Risk Assessment service is, therefore, an essential component of a business owner’s Business Succession Planning and Estate Planning.
Types of Risks
The types of risks that businesses often face, and which we can evaluate for your business, include:
Structures, Agreements & Insurances
- Inappropriate business structures for asset protection and tax minimisation
- Inadequate or unenforceable Business Succession Planning
- Inability to recover loans to businesses where the business becomes insolvent
- Rights and obligations pursuant to continuing agreements (e.g. Leases)
- Lack of adequate insurance or under insurance
- implications from the death, illness or disability of a key person or employee
- Unsuspected or early retirement of a co-owner
- Disputes between co-owners
- The sale of a co-owner’s shares or interest in a business without notice or consent
- Disputes with employees
- Competition from former employees and loss of key customers or trade secrets
- Disclosure of confidential information
- Inadequate or lacking Standard Contract Terms & Conditions and contracting procedures
- Unlimited liability to third parties and customers
- Financial stress due to bad debtors and inability to recover debt collection costs
- Liability in negligence and/or strict liability cases
- Compliance with industry specific legislation