Good business owners have a disaster recovery and continuity plan… Or at least says they do.
Fire? Covered
Flood? Insured
Cyber-attack? IT company on speed dial
Key systems backed up? Absolutely
But here’s a crucial question…
Do you have a Business Lasting Power of Attorney in place?
If the answer is “no”, you are certainly not alone.
In fact, many business owners have never even heard of one, let alone understood why it could be one of the most important parts of a disaster recovery or continuity plan.
Continuity Is About People Too
When most people think about business continuity, they think about buildings, stock, equipment, IT systems, vehicles, insurance. Yet businesses are not run by buildings or equipment, they are run by people. More specifically, often by one key person. If you have considered this you usually have Key Man in place, however, the 2 are very different.
You, the business owner
Damaged equipment can be replaced, systems restored, yet what happens if the business owner suddenly cannot make decisions? Not permanently, sometimes only temporarily.
An accident
A stroke
A serious illness
An unexpected operation
Yet a short-term incapacity can create major problems very quickly
Then Suddenly, Everything Stops
Without a Business Lasting Power of Attorney (LPA), the people around you may have no legal authority to act on behalf of the business.
Which means problems can start almost immediately:
- Accessing business bank accounts
- Paying wages
- Paying suppliers
- Managing loans — especially those with personal guarantees
- Dealing with landlords
- Signing contracts
- Authorising payroll
- Accessing key systems and services
- Dealing with accountant or HMRC
- Dealing with insurances – including implementing Key Man Insurance
The business can effectively become “frozen” at the very moment stability matters most. Here’s the uncomfortable truth, your team, suppliers and customers will still need answers.
“My Partner Will Deal With It…”
This is probably the most common response we hear. “My husband / wife / partner will sort everything out if something happens to me.” Realistically will they and more importantly, should they have to?
Many business owners already have a personal LPA in place and assume that covers the business too. Often, it doesn’t — particularly if the business is limited, has shareholders, partnership agreements or specific banking arrangements.
And think about this for a moment.
If you are seriously unwell, your partner probably does not want to spend their days going into your workplace, trying to speak with banks, chasing accountants, dealing with payroll, negotiating with suppliers, speaking to solicitors, motivating the team, trying to keep the business alive. Perhaps even trying to understand the business as they may not work in it.
What they want… is to be with you! Sitting beside you in hospital, acting as your health and welfare attorney, making sure your wishes, care and dignity are protected. Not dealing with
others worried about the impact on them, or trying to find passwords to get into the business bank account etc.
Good Business Practice Means Planning Properly
A Business LPA is not about expecting the worst, it is about responsible leadership. The best business owners plan for scenarios they hope never happen. We insure buildings we hope never burn down. We back-up systems we hope never fail. We create contingency plans we hope we never need.
A Business Lasting Power of Attorney belongs in the same category. Quietly in place.
Hopefully never needed. Absolutely invaluable if it is.
Final Thought
Many business owners spend years building successful businesses, yet one unexpected life event can create chaos simply because nobody has the legal authority to step in quickly.
A Business LPA is not just legal paperwork.
It is protection for:
- your business
- your employees
- your family
- your customers
- and ultimately… your legacy
Don’t Leave Your Business to Chance
A business Lasting Power of Attorney (LPA) is not about planning for failure. It is about protecting your success and everything you have worked hard to achieve. Without it, an unexpected illness or accident could freeze your bank accounts, halt your payroll, and put your hard work at risk.
Securing your business requires more than just legal paperwork. It requires an Attorney who understands the heartbeat of a company and the emotional weight of a crisis who can step in knowing what you would want and how you want the business to continue to be managed and function.
Why Paula is Your Trusted Partner
Paula is uniquely qualified to safeguard your future:
- 30+ Years of Business Expertise: She speaks the language of business owners and understands your specific operational risks. As a business owner and as a business coach supporting business owners, she has the breadth of knowledge and expertise to guide you throughout this process. From whom to choose as your attorney, how to ensure you have everything in place should they need to act, and more over supporting your attorney should they ever need to act.
- 8 Years of Firsthand Experience: Acting as an Attorney, she knows exactly how these documents work when life gets complex.
- Compassionate, Practical Support: Through LEF & Co, Paula bridges the gap between cold legal requirements and real-world emotional clarity.
Protect your life’s work with someone who has lived the experience. Get in touch with Paula at LEF & Co today to secure your business tomorrow.
Linked In Profile https://www.linkedin.com/in/paulafinch
Mobile 07734473060
Email paula@lef-co.uk
Or use our contact form to get in touch