Far too many businesses have no, or insufficient, provision for ensuring that share succession on death or critical illness will be dealt with how they would want it to be. This also leaves their family unprotected.
Having no specific business share succession arrangements is similar to having no Will as an individual. The result, for an individual, is intestacy. In effect, it is the same for a business. Having no share succession arrangements results in 'business intestacy'.
As a shareholder your focus is on working with your fellow shareholders to make your business successful. If you were to die, would your beneficiaries share the same goals for the business? Your fellow shareholders may have to work with partners who have little or no interest in the business and your beneficiaries will own shares with no ready buyers.
We will identify your requirements and discuss potential solutions that will provide your fellow shareholders with the means to purchase your shares whilst allowing your beneficiaries to realise the market value of your shareholding as a result.
Even if you have already made arrangements for share succession, a review could prove rewarding. We can carry out a Business Intestacy Risk check which will help to either verify that the arrangements you have in place are sufficient or help determine any areas that require review. Where necessary we can support you in putting in place a 'Business Will'.
If you have any questions on protection or business intestacy or would like to organise a Business Intestacy Risk check please don't hesitate to contact us.
Wills are not regulated by the Financial Conduct Authority.