You’ve probably spent many years growing your business. Have you thought about what happens to your business, or your business partner, or your family, if you were to die?
How can I preserve my business for my family and existing business partners?
It probably took a lot of sweat and lightbulb moments in the middle of the night to build a profitable business. You probably did it with the patience of your family and also the dedication of other business partners.
You and your business partners need to now think of putting in place a strategy should one of you pass away, so that your respective families could be provided for whilst the business can continue.
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 your late business partner’s surviving spouse or their beneficiaries?
This could have a major impact on the running of the business. The value of the business may also be at risk following the death of such a key person.