Business survives triple by-pass

Paul’s a qualified baker with more than 30 years experience owning and operating more than 5 different bakeries in various locations during this time. Paul has found that the three biggest hurdles to success of the business have been; staff, work/life balance, and managing debt. Paul has been fortunate that over the last 15-20 years he has acquired some great staff that he has come to depend on, but there has been a cost.

Recently Paul, without warning, had to undergo emergency triple by-pass surgery to prevent a massive heart attack. “This came as quite a shock, as being 55 I had been regularly visiting my doctor and all heart related tests came back excellent” said Paul. So Paul had the surgery, and recovery took some time as Paul now felt much weaker. “The doctor said that I had to cease physical work immediately and undergo a regime of lower impact exercise on a gradual basis…I felt like I had to wrap myself in cotton wool!”

Once home from hospital, Paul and his wife (and business partner) had to figure out what to do with the business. They knew the business would suffer due to higher staffing costs to replace Paul, because, like most small businesses unless you work it yourself the profit margin is lost. If they kept the business they would still have to bear the responsibility and stress of its operation. On the other side of the coin, was the option to sell the bakery. Unfortunately the issue here was that because they had such long term staff the long service leave entitlements equated to more than $80,000. “Sale of the bakery would mean that we were out, but paying $80,000 in long service leave was going to hurt and made the whole idea less attractive.”

In desperation they went through their filing cabinet and found an old trauma policy. They contacted the insurer and found out that Paul was able to claim and he received a payout of $100,000. “This changed everything. We sold the bakery and paid out the long service leave and haven’t looked back. Without that insurance claim we would have felt trapped, and I could have suffered a heart attack because I would have most likely kept working.”

The lesson here is that business experience is valuable, but we can’t predict events such as these. To protect your business and your livelihood, ask yourself this question; “How would you have coped in Paul’s situation?”

PlanBiz Financial Services recognises the costs in running a small business, after all, we are a small business too! So until 31st October 2011 we are offering a 10% discount on all insurance premiums for life. You’re eligible for the discount if 5 people (either work colleagues or family members) apply for insurance at the same time. Contact us today and protect your business and your family.

“My business was my livelihood, my retirement, my security, but an unforeseen event tested that. Without protection we would be a lot worse off than we are today.” Paul.

Limited offer: One of our insurers has decided to waive standard blood and medical tests for the month of October for Life, TPD and Trauma insurances*. So if you’ve put off insurance because of the inconvenience of having blood tests, but you’re otherwise healthy, there’s no need to put it off any longer!

*Conditions apply.