Partnership and Share Protection
You have been building your business over a number of years, and hopefully you are starting to see it grow and acquire value, not only for you, but also for your family and your business partners.
Whilst the long term plan is not always certain, you may wish to be able to sell your stake in the business to help fund the retirement you always want, so you can enjoy your time with the people that matter.
However these plans can easily be derailed if you or your business partner were to die or suffer serious illness unexpectedly. If this were to happen consider the following:
- Has anything been formally agreed about what happens to the ownership of the business?
- Apart from the loss of a key individual, what would happen to their share in the business?
- Have you considered who would be best placed to steer the future direction of the business?
- What would be the short and long term impact to the business?
- What is the financial impact on the deceased’s family?
- If you need cash to buy the share in the business, how will you find this?
Every business is different, but unless this is considered, there will be risks to everyone involved. The good news is these risks can be minimised, and with forward planning you can take the right steps to ensure the business has the best chance to succeed, and the family have security in place to look forward to the future with confidence.
Our highly qualified corporate advisers are well placed to discuss your plans for the business.