In a recent survey carried out by the Chartered Management Institute, less than half of UK organisations were found to have an adequate Business Continuity Plan (BCP). Both they and the Business Continuity Institute continue their efforts to ensure that businesses and their owners plan properly to cope with the unexpected.
It’s tempting to think of a BCP as about buildings, equipment & plant or how to make sure your customer’s orders are not disrupted. After all that’s what it’s for, isn’t it?
However, what would happen if you as a business owner/manager were incapacitated but the business itself was fine? Unless you have put the correct plans in place, the day to day decision making required to run a business, deal with your Bank, pay wages and the many other things you currently do, may just not happen.
Creating a Lasting Power of Attorney, enables you to nominate a person, or a number of people who would be able to act in your place to ensure your business could continue. Their power to act can be tailored to your circumstances and most importantly you choose who will make those decisions as your Attorney.
If you were to lose capacity for any reason, the only alternative would be an application to the Court for someone to be appointed to handle your affairs.
Not only is this much more costly, it loses vital time while the application is being processed. If your Power of Attorney is in place, it can be used straightaway when it is needed most.
If you would like to talk about protecting your business from the risk of failure due to incapacity, contact Ed Worrall in the Wills and Probate department of Jordans Solicitors at our Castleford Office in West Yorkshire.