Business Succession

Do you own a business? If not, then you probably don't need to read this part of the website, but if you do then you definitely need to keep going. You have additional responsibilities that non-business-owners do not have. Responsibilities to your clients, your staff and your family for them to maximise the value of your business on death. Furthermore, if you were to lose mental capacity, and yet still remain alive, then the business could face even more complications.

Let’s just be clear about one thing – there is no such thing as a “Business Will”. A will is always created for a person, not a business. However, as a business owner, your Will should cater for the additional responsibilities that you have, should the worst happen.

Who would take over the running of your business? Who would write cheques? Be able to hire and fire staff? Contact your clients? Manage your on-line banking? Even log in to your website or other on-line facilities in order to continue the smooth operation of the company.

There are certain clauses that would need to be included in your Will and your Lasting Powers of Attorney in order to cater for these and other important matters. What’s more, the whole subject of planning ahead for that eventuality needs careful guidance from a person that can stand back from the detail and take an objective look at what is needed and wanted.