Are you a business owner and do you have a Will?
Surrey and Hampshire are the engine-room counties of the south east economy. A spirit of entrepreneurship flourishes here alongside successful, family-run enterprises. Whatever size of business, whatever market, whoever the customers are, the aim is to make a profit. This blog is about the importance of Wills for business owners. Business owners are very busy people so this article may be just as applicable to spouses of business owners!
Questions about Wills for business owners
In the pursuit of this goal, business owners sometimes fail to consider what will happen to their business if they were to suddenly pass away. I ask business owners who I meet some questions.
- Do you have a Will?
- Does the outcome of the Will take into account the succession of your business in the way you envisage?
- Do the company Articles hide legal restrictions and limitations on the transfer of shares?
- Is there a shareholder agreement covering continuity, dispute resolution, share transfers and shareholder’s interest?
Your responsibility to the business extends from your family to your employees, customers, suppliers, order book and production line. As the major shareholder and owner, you know only too well that it is imperative to manage every function efficiently, and this includes planning for the time you may not be there to keep the wheels turning.
A Will (an current one, not one that was made over five years ago), not only relates to making sure your beneficiaries receive their inheritance without any legal difficulty, but also paves the way for any exit strategy should you decide to sell the business, retire or expand.
For more information about why it is important to have a Will, read our recent blog
To discuss Will for business owners and Wills in general, including our FREE Will review service, please email Mitchell Lucke