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Protecting your business

Business Continuation Planning is about protecting your business

  • What would happen if your business suddenly had to continue without you, a partner or key employee?
    Death, disability or retirement of a key executive can create a succession crisis—even threaten the continued existence of your company.
  • If you died, would your family be able to successfully operate the business?
  • Successful transition of ownership is passed on to a family member less than 50% of the time.
  • If your successors had the opportunity to buy the business, where would they get the money?
  • Liquidation of valuable company assets for a buyout can severely hamper operations; a total sale effectively destroys a successful enterprise.
  • If a partner were no longer there, could you afford to buy his or her share?

Your investment, hard work and dreams for the future can vanish in the blink of an eye.

Protect your partners, your family, your personal interests… your business.

With a carefully constructed, comprehensive Business Continuation Plan from Pilgrim, you can create a rock solid foundation for the future of your business and the people who depend on it. Working in conjunction with your accountant, solicitor and other advisers, Pilgrim will help you assemble the necessary elements of a successful succession plan.

Keyman Insurance

As a company, you will be used to insuring buildings and equipment, cars, stock etc against incidents such as fire, floods and theft. These are relatively easy to replace, but how do you replace a key employee? How can you protect the potential cash flow issues against the loss of a key member of staff?

In most companies, key people would be the directors, the top salespeople and possibly some technical staff.

Shareholder Protection

Pilgrim Financial Planning can also assist in the arrangement of shareholder protection. Shareholders and Partnerships very often need protection against the impact that the death of one of the shareholders/directors or partners might have on the financial viability of a business.

Most small companies make provision in the articles of association that on the death of any one of the shareholders, the surviving shareholders will have the right to buy them out. This obviously makes sense as you would wish the business to continue to be run by the directors who have invested time and money into making it a success.

Therefore, partners or shareholders can arrange life assurance based on the amount that would have to be raised in order to "buy-out" the deceased director's share in the business. This way, the death of a shareholder will release a known payment, which should be sufficient to meet the cost of buying the deceased's share of the business from their beneficiaries. This will need to be reviewed on a regular basis to take account of any change in the value of the business or if there is a change in the number of shareholders.

Loan Protection

Often, businesses will arrange commercial loans for business purposes and lenders will arrange these on the proviso that adequate protection is put into place. If the lender arranges this protection, it is sometimes not the best value for money.

As Pilgrim Financial Planning are independent financial advisers, we can access a far greater range of product providers which enables us to select the right level of cover at the most competitive premium available. This exercise can usually lead to a considerable saving to the insurance terms offered by banks who are often only allowed to recommend their own life assurance products.


Pilgrim Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 539738 http://www.fca.org.uk/register.

Pilgrim Financial Planning Ltd Registered Address: Thyer House, Wells, BA5 2RR. Registered in England & Wales, No. 7450215.

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