Key Person cover

The death, or serious illness, of a key director or employee can have far-reaching consequences for a business.

It could lead to:

  • A loss of profits
  • The recall of loans
  • Reduced capacity
  • Loss of key clients/contacts
  • Reduced practical know-how

Who is a Key Person?

When attempting to determine if somebody is a Key Person within your business, it’s important to think about the following questions:

  • How easily could the business replace their expertise/knowledge?
  • Without them, would business plans, growth, profits or expansion be affected?
  • Would the business potentially lose customer confidence or credibility in their absence?
  • Are there any financial arrangements dependent on the key person?

Got a question?

If you would like to speak to us about a particular issue or wish to find out more about the specialist advice services we offer for business owners, please get in touch.