Business owners are being urged to protect the future of their company by using a legal process normally associated with wills and probate.
Vincent’s Solicitors is encouraging greater use of Lasting Power of Attorney, a process which sets out what should happen in the event of someone being unable to manage their own affairs.
No one wants to think about the worst happening, but that fear could leave your business exposed, your employees at risk and your customers out in the cold if measures are not put in place ahead of time
Solicitor Lisa Lodge, head of the Garstang office, is calling for small and medium sized businesses to use the process as part of their future business planning.
She launched the service with a special client, her sister Heidi Hopkinson, owner of the newly opened Serendipity House in Kirkham.
Lisa said: “No one wants to think about the worst happening, but that fear could leave your business exposed, your employees at risk and your customers out in the cold if measures are not put in place ahead of time. For solo business owners in particular, an LPA for property and finance should be considered.”
An LPA for property and financial affairs outlines who should take over the day-to-day operation of the business, make decisions and give access to bank accounts, insurance, investments, and assets.
Heidi, whose shop sells home accessories, gifts and jewellery, said: “Establishing Serendipity House has been an exciting journey for me. It’s something I always wanted to do and last year finally had the courage to leave a job in financial services and open the shop. The last thing I want to do is risk its future because I failed to put the right things into place. You never want to think about the worst happening but, with the business’ success so dependent on me, a period of incapacity could spell the end of the dream, so an LPA was a vital piece of paperwork to give me peace of mind and protect the future of the business.”