Although many businesses are focused on the day to day management of the current crisis, it is also important to consider how life and priorities may change as we emerge from the crisis and how to best protect the long term wealth and well-being of our families.

Speaking to a number of private and family business owners, the crisis has focused their minds on:

• The long term future of their business and wider wealth;

• The need to protect family wealth and have wealth and value separate from the business;

• Their future role and ownership of the business, who may succeed them and when; and

• The desire to do the right thing for the business, its stakeholders and future generations.

All potentially difficult and emotive issues to grapple with, which can be hard to openly and honestly discuss with family at the best of times. However, some have mentioned that the current crisis has been a catalyst to consider and address these issues and it has changed their views on priorities - family, health and happiness versus wealth and success.

What is important is to consider and address all relevant aspects - business, family, personal and wealth and not to act in haste and repent at leisure.

If you need any steer or input on these issues, I am more than happy to share my experience and thoughts and provide appropriate challenge.