What is Business Succession?
If a shareholder of a small company dies, there can be serious problems from beneficiaries of the deceased, who have no understanding of the business or business experience.
It is important for the remaining shareholders to have enough funds to buy out the shares of the deceased. It is also necessary to ensure for benefit of deceased’s estate that business property relief preserved for the family of the deceased it can save the estate from massive inheritance tax.
Business Succession Planning makes it clear who will take over the business, reducing potential disputes.
Our business estate planning is tailor made to suit you and your business, taking the standard planning options available on the high street a significant step further.
Without Business Succession Planning:
- Your spouse and children may not inherit your share of a business
- The business may have to be sold and the proceeds become liable to inheritance tax
- The value of the business could depreciate owing to the inexperience of any beneficiary
- Business partners may not be able to buy out the deceased’s share
How can I preserve my business assets for my family?
Hard work and dedication has meant that you have built up a sound business to benefit you and your family and naturally you would want to ensure that your loved ones are provided for in the event of your death. So what if the worst should happen and either you, or a business partner were to die?
Who would actually be entitled to this share of the business?
Without a valid will, the deceased’s share would be subject to the laws of intestacy and the person who inherits may not be the person you intended. Would you or your business partner be content to run your business with their surviving spouse or their beneficiaries? This would have a major impact on the running of the business, or the value of the business may now go down following the death of such a key person.
For more information and to find out how we can help, click Apply Today!
“It’s never too early – but it’s often too late!!!”