Business Planning after you've gone!

Couldn't think of a better way of putting it, but could your business survive if you croaked it, and do you have all the necessary paperwork in place?

This is something that keeps getting pushed to the bottom of the "to do" list, but it needs to be done. I guess this is only really applicable if you're not a one man band, or you have another director in the business who could carry on.

Ideally I would want someone to oversee my family's share holding and maybe have some input into company strategy, even if just as a sounding board.

Has anyone else gone through this recently? I've heard suggestions of having your accountant becoming a non exec director to manage your family's affairs, or should it be a solicitor? Does this fall outside of a normal will, or is it all combined into a single document?

Maybe it's just a case of talking to a professional will writer who should have all the answers, or does a business complicate things?

Currently have a blank piece of paper, so interested to hear what anyone else has done, or who they used.

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Well I have all the paperwork sorted, but problem is the wife would not be able to take over from me. So its a worry for me. Focused at the moment on paying off all the mortgages that way the income needs will be as modest as possible.

All the same with a 2 and 4 year old at home you do need to think.

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cheers for the feedback Highland Spring

Looks like it hasn't struck a chord with many people though. I wonder if it is a case of you don't want to think about it, you don't want to discuss it or more like me you just haven't got round to it.

Well, time to get it sorted and find a decent will writer!

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I'm not sure anyone would want the headache, or the sleepless nights, nuisance customers, untold paperwork, chasing late payments. Just to name a few reasons. So I'd be inclined to leave it to the most annoying person I know.........

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lol good point! You forgot to mention accountants though, your favourite subject

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I was going to mention accountants along with SEO consultants, but I'm doing my hardest to try and forget both at the momment...

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This site explains a little bit of what can be done including Life Insurance Cover and a Cross-Option agreement : What happens to my business if I’m ill, or worse, I die? | Investment Sense

The latter gives your spouse the option to sell shares to the other directors and allows the directors to buy the shares - meaning that he or she is not left with shares in a company that they potentially have no interest in running.

A problem arises however if you provide a key role in your business that the other directors or share holders could not take on or don't have experience in. Life insurance cover in the form of Key-Person Insurance provides insurance for loss of earnings or sales and can also cover the cost of finding a replacement person.

Hope that's helpful

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Great link thanks By sheer co-incidence, actually have a meeting with a solicitor this afternoon to finally get this all sorted out!

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Something I deal with normally as part of a will writing exercise or following setting up a partnership or shareholder agreement.

I wrote an article about this some time ago If I die will it kill my business?

And lets not forget your Lasting Powers of Attorney.

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