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Business Owners' Guide

Safeguarding Your Business Legacy

Let’s explore four key strategies that every business owner should consider safeguarding their business legacy.

As a business owner, you've poured your heart and soul into building a successful enterprise. Your dedication has likely brought prosperity for yourself, your employees and loved ones. But have you thought about how to protect this legacy for the long term?

Your Will: The Foundation of Your Legacy

A well-crafted will is the cornerstone of any estate plan, especially for business owners. It's the document that outlines how your business will be managed and distributed after your passing. Without a clear and legally sound will in place, the fate of your business could be uncertain and potentially contentious.

In your will, you can designate how your business should be managed by appointing a Business Executor. Your Business Executor can make sure that your business is properly managed and looked after the immediate aftermath of your passing, and can ensure that the fruits of your enterprise are distributed to your family as you wish. This can help avoid disputes among family members or business partners and ensure the smooth continuation of your enterprise.

Lasting Power of Attorney (LPA) for Property & Financial Affairs

An LPA for property and financial affairs appoints someone you trust to make decisions on your behalf if you become incapacitated. As a business owner, this ensures that someone you trust can quickly and effectively take on the responsibility of managing your business affairs if you're unable to do so yourself.

Choosing a trustworthy attorney who understands your business and its operations is essential. They can help protect your business interests, pay bills, and make business decisions in your best interest.

Shareholders' Agreement: Protecting Your Business's Future

If you run your business with partners or shareholders, a well-drafted shareholders' agreement is crucial. This document outlines the rights and responsibilities of each party, as well as procedures for resolving disputes or transferring ownership.

A shareholders' agreement can specify what happens to your shares in the event of your death. It ensures a smooth transition of ownership and management, preventing potential conflicts that could harm your business's stability. More importantly, it can ensure that your dependants can benefit from the cash value of your part of the business, without being forced by circumstances to take on management responsibilities.

Life Insurance: Support for Your Shareholders' Agreement

To further fortify your legacy plan, consider a life insurance policy tailored to support your shareholders' agreement. This policy can provide the necessary funds for shareholders to buy out your ownership stake from your estate. This ensures that your family receives fair compensation while your business partners maintain control of the company.

As a business owner, your legacy extends to the enterprise you've built from the ground up. Protecting this legacy requires careful planning and consideration of these four key elements.

 

We’re here to help you safeguard both your personal and business interests for the long term. Our approach is rooted a deep understanding of your unique needs. We're here to guide you through the process, ensuring that your business remains a beacon of success for generations to come.

Together, we can create a comprehensive plan that protects what you've worked so hard to build.

 

You can reach us by email at info@willwritten.com or call us on 0151 601 5399.

 

Or to schedule a Zoom consultation at a time & date that's convenient for you, click here to visit our booking page.

"As an engaged couple with a portfolio of rental properties, we wanted to make sure that we were both well provided for if anything ever happened to one of us, and we were also worried about Inheritance Tax. Our financial advisor recommended that we seek advice from Will Written. Gina was very organised and reassuring. She explained everything to us very clearly. We know where we stand and we found out a lot that we didn't know before. Having made our wills, we feel we have nothing to worry about, we are happy that we have been sensible and haven't put off making our wills unnecessarily. "

Denise R & David D

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