Is control of your business at risk?

Did you know that 60 per cent of business owners said they had no protection in place to cover the cost of buying shares should a business owner die?*

Ask yourself:

  • If a co-owner died or suffered a critical illness, is the control of your business under threat?
  • If the worst happened, what would your family receive?
  • If it was you who died, would your family receive a fair value for your share of the business?

Here’s some more questions to consider:

  • What is your share of the business worth?
  • How much of this amount would you want to pass to your family if you died tomorrow?
  • Would you expect to maintain control of your business on the death or serious illness of a co-owner?
  • What would you want to happen?
  • Have you written it down?

If you’re unsure of any of the answers to the above questions, your business could be at risk.

You may need a business will to ensure your wishes are carried out. The requirement of most business owners is to maintain control of the business following the death or serious illness of a co-owner. The requirement of the family is generally to receive a fair cash value.

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Find out more about the benefits of a business will for your business

*Legal & General research between November 2012 and February 2013.