Business Succession
How can I secure the future of my business?
As a business owner, knowing what will happen with your business when you are no longer here is a pressing concern.
Hard work and dedication have allowed you to build a sound investment to benefit you and your family; securing its future and theirs in the event of your passing is a vitally important part of planning your estate.
So, what provisions can you make to ensure the continuation of your business should anything happen to you or a business partner?
Succession planning
Succession planning lets you make arrangements to pass your interest in the business on to a beneficiary in your will. It also allows you to secure the future running of the business should a business partner pass away.
Plans can be tailored to suit your needs; those of the business, and those of your financial dependants.
Whether you choose to hand the running of your business over to an active successor, or give shares over to a silent beneficiary, you can relax knowing your lifetime concern will continue to thrive and provide financial support for your loved ones.
Get in touch to find out more about Countrywide Tax & Trusts’ succession planning solutions here.
What happens to a business without a succession plan?
Not having a succession plan for your business as part of your will can cause a lot of stress, confusion, and upset for your dependents. It can also be detrimental to the successful running of your business.
Without a will, your share of the business falls under the rules of intestacy when you pass away. In these situations, it may not be the person you intend who inherits.
If something happens to your business partner, could you continue to run your business with their surviving spouse? Would your business cease to operate if your children had no choice but to take your place?
A lack of succession planning can cause further problems:
- Your spouse or partner and your children may not inherit your share of a business, leaving them without an income.
- Business partners may not be able to buy out the deceased’s share, leaving them to run the business with unsuitable partners.
- The value of the business could depreciate if inexperienced beneficiaries are left to run it.
- The business may have to be sold, and the proceeds then become subject to Inheritance Tax, which can amount to thousands depending on the value of the business.
With specialist succession planning in place, you avoid these potential hardships for you and your family and have peace of mind over the future of your business.
Get in touch today with our helpful support team to discuss business succession planning.