Succession Planning
Many businesses have shareholders or are a partnership. You and your co-owners have a keen interest in the business and are deeply committed to making it a success. And the smaller the business the more critical everyone’s involvement may be.
But what would happen if your business partner or a co-owner died? Would the remaining owners be able to buy that share of the business? If you couldn’t it may be inherited by someone who has either no interest in the business or doesn’t have the time or skills to make it a success. And a partnership would automatically be dissolved if there was no contingency plan. Where would that leave you?
Share Protection helps protect your interest in the business. In the event of a co-owner dying or being diagnosed with a terminal or critical illness, the remaining owner or owners receive a lump-sum payout which could help them buy their partner’s share and retain control of the business.
Shareholder Protection won’t compensate for the loss of a friend and valued member of the business, but it may help you keep your business and secure its future.
It’s all a matter of risk management.