 Succession Planning
The untimely death or illness of a director of a company can have a serious and even terminal disruptive effect on the business if this is not properly planned.
This sort of planning has a number of benefits:
- Prevents a fire sale of the business in order to pay the estate of the deceased.
- Provision of funds to buy out a deceased partner's share which may be inherited by the beneficiaries of their will who you do not wish as business partners.
- Often partners have an important link to the intellectual property of the business. In situations where they have "the plans in their head" this can have a huge impact where there are no funds to replace them. The inability to find a replacement can also lead to problems where banks perceive there is a reduced ability for the business to function and withdraw financial support.
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