Your Business or Life’s Work Going To Waste
Do you know who would actually be entitled your share of your business?
Without a business succession plan and valid Will your business assets and life work 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 could have a major impact on the running of the business or the value of the business may now go down following your departure.
The following scenarios are all too common:
- Your spouse, partner or children may not inherit your share of a business.
- Your business partner may not be able to buy out your share.
- Your family may be obliged to take over the running of the business.
- The value of the business may go down due to lack of systems or lack of experience of any beneficiary
- The business may have to be sold and the proceeds become liable to Inheritance Tax.