Illness, injury, or long term absence might prevent you from making decisions on a temporary or permanent basis and your business could be at risk if you can’t decide how it should be run.
If you are a sole trader or the only shareholder and director of a company you are the only person who can run that business. If there are other directors or shareholders there is a risk that your views might not be represented when decisions are being made. Unless you make a Business Lasting Power of Attorney (BLPA) no one can make decisions for you and the Court would have to appoint someone to make them instead, this can take months to arrange. In the meantime your business could grind to a halt.
A BLPA can protect your position and the smooth running of the business. You can choose people you trust to act on your behalf, and you control the type of decisions they are allowed to make
Your attorney can step in and represent you, or work with your business partners until you are well enough to return. Provided you have planned ahead the attorney could become involved as soon as a problem occurs, this would minimise any delay or disruption to the smooth running of the business.
A BLPA also gives you flexibility on a day to day level. If you are going away for a business trip or a holiday you can use the BLPA to authorise your attorney to sign paperwork or complete transactions while you are away.