There are moments in life that give everything a fresh perspective. For Patrick Meier, owner of Texpress, it was the birth of his son. Not because everything changed from one day to the next, but because he was suddenly struck by a question he had never asked himself so specifically before:
What happens to my family and my company if something happens to me?
When my son was born, I realised: I’ve got a responsibility here. For him, for my wife, for my employees. And I had no idea whether my provision would live up to this responsibility.
Patrick Meier
Owner and Manager Texpress Textilpflege AG
Business owner and father: a dual responsibility
As a business owner and father, Patrick Meier has a dual responsibility: for his company and everything that goes with it, and for his family, who trust that he has made provision for the future.
What many business owners underestimate is how closely interconnected company and family are. A business is often the greatest asset there is – yet, at the same time, the greatest unknown. What happens to a company if the owner is suddenly absent? Who takes over? What is left for the family?
The second pillar automatically protects employees against the risks of death and disability. For business owners, this applies only to a limited extent – and often to an extent that falls far short of actual demand.
What’s really at stake
Disability is the risk that most people overlook. It is statistically more likely than death in working age. Business owners facing long-term absence don’t just face a loss of income – they risk potentially losing the entire business. And the family risks losing its livelihood.
Death hits the survivors two-fold in financial terms: their income disappears and the company must be either continued or liquidated. Without clear rules and adequate protection, this can quickly turn into a question of survival.
This is why provision is never a secondary matter for business owners. It is a key component of corporate governance.
How to comprehensively protect all areas of your life
In a personal and free initial consultation, we show you how to plan ahead for every eventuality. Schedule a consultation appointment now.
Ask the right questions
What Patrick Meier looked for and found at PensExpert was not a standard product. In fact, it was a solution that met his very own needs and, above all, he found someone who listens first and then asks the right questions.
How much coverage does the family actually need? What does the existing pension fund provide in the event of death or disability? How is the company structured and what happens to the company in an emergency situation? Are there additional options via the third pillar?
These are the questions that need to be answered before you can decide what type of provision strategy makes sense. Not a ready-made product you buy off the shelf, but a well-considered decision you make.
Provision as a management task
Running a company involves thinking in scenarios. What if orders collapse? What if an important employee is absent? What if market conditions change?
The same approach is required when it comes to provision. What if I have to take a leave of absence? What if I can’t work as much anymore? What does my family need to maintain our standard of living?
Will it work out? Patrick Meier asked himself this question. The answer at the time was: not quite yet. But with the right advice, he turned this into an unequivocal yes.
