If you are a business owner, you will understand just how many things you need to think about on a day to day basis to keep your business going. But have you actually stopped to consider what would happen to the business you have worked so hard to build if you weren’t around any more?

Business succession planning is perhaps one of the most underrated, overlooked elements of running a business, but without it your business could cease to exist the second you do. For example – if a business owner died without writing a will, the government would step in to decide what happens to the business, or your share of the assets. Even if you have created a will and left the business to your partner, the implications of this mean your business could suffer and go under very quickly.

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Why Do I Need Business Succession Planning?

If you are running a business (by yourself or in partnership), your death could have a huge impact not only on your business, but your family as well. If there is no business will in place, a business (or your share of it) will automatically be classified as ‘business intestacy.’ The process is very much the same as the personal intestacy rules, and your family may be considered to take your place in the business.

However, that’s not always what is best for your family or your business, so you need to make sure you have a plan in place to prevent it. Whether that’s appointing someone else to take your place or leaving behind instructions about what should happen to your business without you. That’s where business succession planning comes in. Our experts can help you discover what would happen to your unique business if you were to die, and guide you through the process of putting your wishes into a legally binding will. We can also help you draft your business activities into your Lasting Power of Attorney, so that your business can be placed into safe hands if you are ever incapacitated.

As business owners ourselves, we understand the complexities of keeping a business running every day. Often the far flung future isn’t even on your radar, which is why so many business owners are caught out when their time comes. We help individuals with business of any size or type to plan for the future they want for their business.

For more information on our business succession planning service.