View more on these topics

Is control of your business at risk?

Did you know that 60 per cent of business owners said they had no protection in place to cover the cost of buying shares should a business owner die?*

Ask yourself:

  • If a co-owner died or suffered a critical illness, is the control of your business under threat?
  • If the worst happened, what would your family receive?
  • If it was you who died, would your family receive a fair value for your share of the business?

Here’s some more questions to consider:

  • What is your share of the business worth?
  • How much of this amount would you want to pass to your family if you died tomorrow?
  • Would you expect to maintain control of your business on the death or serious illness of a co-owner?
  • What would you want to happen?
  • Have you written it down?

If you’re unsure of any of the answers to the above questions, your business could be at risk.

You may need a business will to ensure your wishes are carried out. The requirement of most business owners is to maintain control of the business following the death or serious illness of a co-owner. The requirement of the family is generally to receive a fair cash value.

Find out more about the benefits of a business will for your business

*Legal & General research between November 2012 and February 2013.

Recommended

1

Grexit ‘no drama’ for EU, says French finance minister

Greece exiting the EU would be “no drama” for the rest of the union, says French finance minister Michel Sapin, as world leaders at the G7 summit urged Greece to reform. Sapin, who had previously been considered an ally of the Greek government, said: “It would be no drama for us to see Greece leaving the […]

EU-Europe-Euro-Flags-700x450.jpg
1

Industry plays down Moody’s Brexit fears

It is too soon to assess the impact of any Brexit, say experts, despite a Moody’s report warning that an early referendum on the UK’s EU membership could put Britain’s sovereign rating at risk. A report on the upcoming risks for the UK by Moody’s identifies a 2016 referendum as potentially hazardous for the UK. […]

Retirement - thumbnail

(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment