Since Norman’s death two years ago, most of Kevin’s time has been spent in managing the estate and the winery

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Question 3 (45 marks | Word limit: 1000 words)

Since Norman’s death two years ago, most of Kevin’s time has been spent in managing the estate and the winery and looking after his family. However, now that the estate has been finalised, he is meeting with you to “start sorting out his personal and business affairs”.

  1. Explain to Kevin the benefits of creating his business succession plan (3 marks) and four aspects of what is involved in developing it (8 marks). (Total 11 marks)
  2. Briefly outline two key personal risks and two key business risks he needs to address in his plan. (12 marks)
  3. Discuss four (4) types of personal insurance cover that may need to be considered to address his personal risks (5 marks) and business risks (5 marks). (You do not need to address general insurances such as business interruption or provide actual amounts of insurance.) (10 marks)
  4. Kevin would like to start investing the funds he received from Norman’s estate. Discuss three (3) ownership structure options which offer some protection from creditors in the event of him becoming insolvent or bankrupt. What are the limitations of these structures? (12 marks)

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