We all think “it’ll never happen to me” but do you suppose it ever occurred to the super fit Andrew Marr that he was heading for a stroke, one brought on, incidentally, by extreme exercise? And could anyone fail to see the tragic irony of Michael Schumacher sustaining a serious head injury as a result of a freak accident while on a family skiing holiday having managed to survive, unscathed, throughout his long and illustrious career in Formula One? Would anyone ever have predicted that? And just this week, we’ve had the death of the young Australian cricketer, Phillip Hughes, who went out to play a game of cricket, like he had hundreds of times before, and who then, sadly, never made it home again.
The thing is, sudden illness or accidents can strike any one of us at any time, be it on the ski slopes, at home, at work, playing sport, in our cars or just on the street. Yes, it’s unlikely but it’s not impossible so burying our heads in the sand about it isn’t realistic and it’s certainly not helpful for those who rely on the ongoing operation of our businesses to keep a roof over their heads and food on their tables.
So if you lost mental or physical capacity, either temporarily or permanently, would your business be able to keep running? Who would have the legal authority to access your bank account to pay your suppliers? Would your bills get paid? Who would authorize your payroll run? You may have arrangements in place for certain members of staff to sign off some payments but what are the limits of that arrangement? Does there come a point where, without your express authority or your signature, payments don’t get made and your business stops functioning?
If this is the case, and I’m guessing it is for most small businesses because we all need to protect our interests, how long could your business keep going without you? If your staff weren’t getting paid, how long could they afford to stick with you? Would your suppliers be willing or able to keep supplying you ‘on tick’ indefinitely? Would your landlord be happy to continue housing your business if he wasn’t receiving his rent payments? Would your husband/wife be able to access your business bank account in order to transfer any money needed to keep the domestic side of your life running smoothly?
If any of this sets off alarm bells then there is a simple solution: draw up a Lasting Power of Attorney restricted to the running of your business.
The alternative is to have all those processes and payments that do require your active involvement to be put on hold until your family or business partners can apply to the Court of Protection to have a Deputy appointed but this can take several months and is ultimately much more expensive than planning ahead and getting an LPA in place just in case. And what would happen in the meantime?
As small business owners ourselves we feel very passionately about this subject (we each have LPAs restricted to the running of our business making our co-directors our attorneys). So, to encourage other small business owners to take this issue off the back burner and be proactive in safeguarding the running of their businesses in 2015, from now until the end of March 2015, Lovingly Managed is offering a special rate of just £147 to draft a business specific LPA, including the completion of the registration documents. (In addition, there is a registration fee of £110 payable direct to the Office of the Public Guardian.)
If you would like to meet up to complete the forms then that’s great but we know you’re busy so we can do the whole thing over the phone at a time to suit you – even in the evening – or via email if that’s more convenient. It will take around 20-30 minutes. Once we are in possession of all the relevant information we will endeavour to have your LPA back to you for signatures within a week.
If you decide you would like to sort out LPAs for your personal situation, we will offer the same fee for one LPA (either Property and Financial Affairs or Health and Welfare) or £275 for both types. Please note that the registration fee is payable for each LPA registered. Don’t forget to reference this blog post when you contact us to make sure you benefit from this limited time offer. Visit our Facebook page https://www.facebook.com/pages/Lovingly-Managed/156617147716458?ref=hl, scroll down and click on the purple ‘Contact Us’ button on the left of the page to send us a message and telephone number and we will call you back within 24 hours to arrange a convenient time to meet in person or take your instructions over the phone.