Does your business have a will?

Does your business have a will?
14Sep2020

A valid and current will allows us to have a plan in place for our family and is something most of us have in place. However, have you done the same for your business?

While the topic of wills is notoriously difficult for people, it’s incredibly important for business owners to have a will in place in case of the worst-case scenario. By planning ahead, you will be ensuring your assets are left to beneficiaries of your choice. Without a will, business partners, lawyers, state government and banks could be the ones enjoying all the years of your hard work, not your preferred beneficiaries. 

Having a will in place for your business is more commonly referred to as succession planning.  

What is succession planning? 

A formal process which enables business owners to create their preferred exit options while they’re still in a position of control. 

Planned and unplanned exits. 

There are generally two events to consider: Planned and unplanned exits. Building a succession plan helps to ensure you’re prepared for both and will give certainty around potential outcomes. 

  • Planned exits typically include retirement or a mutual agreement between business partners to part ways.
  • Unplanned exits include terminal illnesses that prevent you from continuing to run the business, or worse, death. 

What does a business succession plan look like? 

A typical business succession plan includes: 

  • Different exit strategies 
  • Trigger events, that would result in you or your business partners exiting the business 
  • A strategy how this exit would look like 
  • ​A strategy to take on new business partners 

Ready to set your business up with a succession plan? 

Get in touch to arrange a free, no obligation, meeting with the Carbon Wealth team and find out your options. 

Contact us today
 


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