Many people fail to consider what will happen to their business if one of their business partners dies

Also, people do not consider whether in the event of their own death or incapacity if their family would be either willing or able to carry on their business – especially with business partners who they may not even have ever met!

Don’t Wait Until It’s Too Late!

You can set up now arrangements whereby your surviving business partners are either obliged or have the “option” to buy out your interest in the business (or in the entity that runs the business) at a pre-agreed valuation basis, so that they can carry on business without interference from unqualified and perhaps disinterested members of your family, whilst your family receives a pre-determined cash payout for your business interests, so that everyone is happy. This may involve preparing a separate “business Will” together with appropriate insurance arrangements so as to provide for pay out funding.

A WillWorks^® Business Succession Agreement can help you to:

• protect the value of your business interests;
• ensure that your family inherits the full agreed value for your business interests within an agreed time-frame;
• ensure that there is adequate funding for meeting obligations under the agreement;
• prevent unintended business partners from participating in the business; and
• avoid unintentionally triggering any adverse CGT or income tax consequences in setting up such arrangements.

For more information about how a WillWorks^® Business Succession Agreement can benefit you, please contact us to discuss your needs.

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