19 Nov Protect the Farm upon the Death of a Partner
PROTECTING THE FARMING ENTERPRISE IN THE EVENT OF A BUSINESS PARTNER DYING.
Welcome again to another fortnightly vimeo edition of Robinson Sewell Partners Business Insights.
This is never a topic anyone wants to talk in detail about or think of too often, but it is a reality. There are practical things you can put in place to ensure the people and business can survive such an untimely event.
Watch the Vimeo
Please watch this interview with Matt Meehan from Agbis Financial who dives into the topical discussion point of death with partnerships.
RSP discusses how to safeguard your farming enterprise in the event of death of a partner
A morbid affair
It is a subject that is rarely addressed due to the morbid focal point but can cause so much financial complication when it plays out within a family business. Protecting the farm upon the death of a partner can be achieved from a financial strategic position, which may not alleviate the emotional strain, but can certainly soften the financial implications of such an event.
An example of two brothers…
Please take the time to listen to Matt’s insights and example in procuring a better understanding of what can be set in place to ensure financial well-being is secured when the emotional element may not be. The interview highlights, as an example, what two brothers can put in place within the business should an unforeseen event take place.
Plan and Execute
The importance of structuring a plan and executing it will create peace of mind. The first date on your tomb stone is a given, the second is not. The message is to seek guidance on disability, trauma and death cover and then to bed down a platform to provide some financial assurance in the event of an event.