Business Wills

What is a Business Will?

A business will is an agreement that usually takes the form of a buy and sell option.  It ensures the smooth transition of ownership of a business on the event of death, total and permanent disablement or trauma of an owner.

*Will writing is referred to a third party, neither The Business Protection Company or First Complete Ltd are responsible for the advice received.

Business Wills

Why do you need a Business Will?

Like most financially responsible people you have probably written a personal will to ensure that your estate goes to your chosen beneficiaries in the event of your death.

But what about your business?

What would happen if you, or one of your co-owners died or had to retire through ill health.

  • Have you got a business will?
  • Do you have a succession plan?
  • Have you established a process that will ensure that the business could be bought by the remaining co-owners for a fair price?

If not, it might be worth thinking about what the consequences could be for you, your family or your business. 

If a business has just lost a key co-owner or partner, it’s fair to assume that it’s unlikely to have enough cash flow to be able to buy that share. Borrowing funds from the bank is one solution, but in the current economic climate, how easy would that be?

Being unable to buy these shares or remaining part of the business, or having no agreement in place to manage this situation, could lead to expensive legal action, loss of control of the business and financial difficulties for any dependents.

Here at The Business Protection Company we can arrange advice from specialists in creating business wills for Owners of Sole Traders, Partners operating in Partnerships and for Directors of Limited Companies.

They look at your current arrangements and make sure that they allow for proper control of the business for the remaining co-owners, at the same time as providing the funding that guarantees a fair value for the outgoing owner or his or her beneficiaries. 

We can arrange expert advice in business succession planning and exit strategies.

"Business Wills can help you implement a succession plan for your business or assist you with forming an exit strategy."

Want to Know more about Business Wills?

Please feel free to book a free consultation with a specialist today.

If you are interested in booking a free consultation in order to discuss how a Business Will can protect your business please get in touch?

Other Business Protection Products available from The Business Protection Company

 

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Key Person Cover

Key Person Cover, or Key Man Insurance is a business insuring itself against the financial loss it would suffer if a key person in their business died or had a critical illness.

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Shareholder or Partnership Protection

Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner.

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Business Loan Protection

Business Loan Protection helps businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or suffer from a specified critical illness (if chosen) during the length of the policy.

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Relevant Life Plan

A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy.

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*Please note for these insurance products terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.