Business owners urged to plan early to protect assets and reduce risk

Business leaders have been encouraged to put legal and financial protection in place early, rather than waiting until problems arise, during a recent panel event hosted at Withers LLP.

The discussion was organised by Annie W W Pang and featured an all-female panel focusing on resilience, asset protection and forward planning in both business and personal life.

Among the speakers was Isya Hanif, a Relationship Director at Barclays and Women in Business Ambassador. She spoke about the importance of building strong foundations from the start, asking business owners to consider whether their current structures would protect them if tested by an unexpected crisis.

She said protection should be designed early, not added later as a response to difficulties.

Topics discussed included choosing the right business structure, protecting intellectual property and brand value, planning for shareholder or partnership disputes, and putting continuity measures such as key person insurance in place. Succession planning and separating personal and business risk were also highlighted as essential steps.

Legal experts Claire Blakemore and Jocelyn Tsao outlined how personal legal planning can affect business stability. They advised that individuals should consider appropriate legal structures to protect assets, ring-fence personal finances at the start of relationships, and understand the role of pre-nuptial and post-nuptial agreements. The panel also discussed the legal limits of cohabitation rights and the risk of taking on liabilities if a relationship or partnership breaks down.

Speakers stressed that these steps are about sensible preparation rather than expecting the worst. Planning ahead was described as a practical way to reduce future disputes, financial loss and disruption.

There was also encouragement from the number of younger professionals showing interest in long-term planning rather than relying on solutions after problems occur.

The overall message from the event was that prevention is more effective than repair, and that early planning can help business owners protect both their companies and their personal interests.