Business Owner or Partner
Business succession planning
Business succession plans - set out the agreed basis and process for the transfer of business ownership in the event of a voluntary (ie retirement or voluntary exist of the business) or involuntary (ie death, disability or critical illness) event occurring to one or more of the owners of the business.
It ensures the continuity of the business and that the transfer of ownership is orderly and can be funded. It means that your family will be looked after if anything should happen to you, or to a co-owner, and the business can continue to operate.
A comprehensive business succession plan can be complex, and we can assist by liaising with other professional advisers such as accountant, lawyer and business valuer, in the formation, implementation and funding of a suitable business succession plan.
Key Person Insurance
A key person could be the owner or another person in the business whose intellectual capital generates revenue for the business. The death or disablement of a key person can result in financial loss for the business.
Taking out Key Person insurance for death, serious illness or injury can:
- reduce business debt and free up cash flow,
- provide funds to find a replacement for the key person,
- replace lost revenue so the business can meet its ongoing operating expenses.