We all know of somebody whose life has been impacted by disability, critical illness or long term incapacity. What impact would this have on your future business plans should it happen to a fellow shareholder?
Does your Company have legally binding agreements in place to ensure that in such an event the succession plans avoid conflict and confusion at this time? Nobody wants to enter a conflict scenario were one of your fellow Directors, and often friends, to be seriously incapacitated.
T Walker, Operations Director, Junior Heroes, London
Frequently little or no consideration is given to the impact the ill health of a shareholder would have on the business and indeed their beneficiaries. How long would you pay the wages of an individual were they unable to contribute to the on-going viability of the business?
There comes a point when it would benefit all parties for the individual to receive a lump sum for their contribution thus far to the company and for the remaining parties to move forward free of guilt and compulsion. This helps to maintain everyone's standard of living.
Company Wills can help make suitable provision to insure the business owners against the impacts of critical illness, permanent disability and long term incapacity. With prior agreement between all parties, these will provide an amicable solution for all parties and this will also increase the chances of future business success.
We have whole of market access to the best quality providers of succession planning. A variety of options are available covering a wide range of events to suit a budget or particular scenario.
