When it comes to business planning, there is a clear need to act where you have worked hard in your business in somewhere like Essex for decades. You saved and you sacrificed again and again throughout the course of your life to ensure that you have something that lasts long after your retirement to see you well into old age.
However, after all that work and time that you have put in, what happens at the end of it all? Should the worst happen before you retire, how would your company carry on? How would it survive without you at the helm?
Well, it comes down to one thing really: do you have a clear plan of succession for your company or a partnership agreement that details what will happen to your partnership in the event that one of the company directors/partners predeceases the others?
If the answer is no, then your company or partnership could effectively just disappear into the ether not only to the detriment of your family and loved ones but also to those people that you may employ as part of your business on a daily basis for many years before?
Clear and unequivocal planning is all too obviously essential now so that all interested parties know how yours and your fellow directors/partners shares in your business will be managed long after your passing to derive the most benefit for your family and loved ones that are left behind.
For more information on how we can help you to develop effective business planning for your share of your business in Essex, please call out dedicated Essex-based team at Andrew Douglas Wills and Legal Services now via www.andrewdouglaswills.co.uk or on:
01376 348997
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