Are you in control of your business? It’s a question we discuss with many of our business clients. We then always go on to ask another pertinent question. What would happen to your business if:
- One of your business partners dies or becomes critically ill?
- What happens to their share of the business?
- Can you afford to buy the shares?
“Losing a business partner is difficult enough and can have a major impact on the success of your business,” outlines Suzanne Jeakins, independent financial advisor here at Jones & Co. “Without the necessary funds to buy their shares, how do you retain control of the driving seat? You could be forced into working with someone who doesn’t have any knowledge of your business. Moreover, if it’s a critical illness, will they return to work, when will they return or will they want to sell their shares?”
Explains Suzanne: “Shareholder/partnership protection is specifically designed to help provide the surviving owners with the funds to purchase the deceased’s or critically ill owner’s share of the business and helps to avoid these problems. As a director of a business, this helps to ensure that the ownership of the business remains in the hands of those who’ve built it.
“There are many different ways in which we support commercial clients to protect their businesses, and the easiest way to do this is to arrange a free consultation to discuss your individual requirements. We can then create a bespoke plan which outlines the very best way to protect your business. Feel free to call or email us to book your free consultation and we can get the ball rolling immediately.”