Business Succession Planning

<span style=”text-decoration: underline;”>Business Protection Wills / Partnership/Shareholders Agreements</span>

Owning a business can be one of life’s most rewarding experiences but it is not without its challenges; not least of which is keeping the cash flowing, paying the wages, minimising taxation and, at times, dealing with one’s fellow shareholders, directors or partners.  All well and good, and all part of being in business for one’s self, but what would happen if you or one of your fellows got into personal financial difficulty, got divorced, lost the capacity to speak or act for themselves, or suddenly died.  Could the business continue to function, would the bank call in its guarantees and how will your families crystallise the value the business represents?  And the more successful the business is, the bigger the problem gets.

Making a Will and having Lasting Powers of Attorney is only part of the story, as without a valid shareholders’ or partnership agreement things may not run as smoothly as you hoped.