Ever thought about what would happen to your business if you (as the business owner) were not here?
Ever taken action to ensure the continuity of your business?
Whilst many people get around to writing their Will, lots of business owners don’t plan for what should happen to their business. When we talk about succession planning for businesses we’re not just talking about what happens after the death of the business owner (although this is important).
We are also referring to what should happen if the business owner loses capacity and the business is negatively impacted as a result.
There are a number of situations in which you ought to do some planning:
- Get a business or commercial LPA in place to ensure that in the event you lose capacity, someone you trust is able to handle the financial affairs of the business, pay staff, pay bills and this will mean that the business isn’t negatively impacted.
- Putting plans in place to ensure that the business passes smoothly after your death. This means that there are plans for the purchase/sale of the business.
- The sale of the business is something to think about very carefully when considering business succession. Some people will want to ensure any staff are looked after, retained or protected.
- It might be that there is someone within the business (a co-owner) that will be purchasing the shares and this can be planned for.
- Perhaps you want your business to continue, you wish for someone to continue to run the business but for family or loved ones to benefit from the continued success of the business.
These are all things that a business Will or Commercial LPA can make provision for and the team at Philip Anthony Associates are on hand to help put these plans in place.
Just give us a call to make an appointment.