Could your business be more secure?

Running a successful business means constantly meeting and overcoming challenges. It’s highly rewarding for you and your co-directors/partners when things go well. But when something goes wrong, perhaps for reasons beyond your control, the financial security of you all, and of all your families, could be at risk. The death of a partner/co-director can threaten all that hard work. Let’s look at the potential problems and more importantly, the solutions.

Protecting the future of your business, the partners/directors of a business are its driving force and the reason for its success. What would happen if one is no longer there? If those shares end up with someone you don’t know and who doesn’t know your business, how would you feel? This is precisely what does happen if arrangements have not been put in place. Their share of the business passes on either through inheritance or sale.

  •  What are the problems for the remaining partners or directors.
  •  Find the money to buy the deceased partner’s share.
  • Continue paying income to the family until that share is paid off
    (perhaps from already reduced profits).
  • Learn to accept the widow(er) as your new partner, with all that entails.
  • Consider winding up the business.
  • Competitors taking advantage of the situation

So we’ve seen it from the survivor’s point of view. But what if you die? Where does your own family stand in this? They’ve inherited your share of the business, but they’re unlikely to be able to take over your role.

Do they have your skills, knowledge and experience? And would the remaining partner(s) be prepared to accept them?

Protecting the financial future of your family, what are your family’s options?

  • Take a share of the profits – This may not amount to much if the business is struggling because of your absence. For how long will your partners agree to this?
  • Insist on winding up the business
  • Receive a share of its value. If the real value has fallen, they could
    receive little or nothing.
  • Sell your share. This relies on finding a buyer who’s prepared to pay
    the right price and that can be a long and difficult process.

The real solution is… The Westwood Succession Plan™

A structured pre-planned legal framework which ensures the succession of your business and protection of your wealth now and for future generations of your family

The Westwood Succession Plan™ provides funds to the right people at the right time, enabling the continuing partners/directors to buy out the deceased director/partner’s family using the most tax efficient structures and bloodline protection is given to all the families of the partners or directors.

The Benefits

  • An agreed succession to the surviving partners/directors.
  • Adequate capital just when it’s needed.
  • A clean break between the business and the deceased’s family.
  • The business can continue to trade in its own right.
  • No need for the deceased family to become embroiled in the business.
  • Your family receives a guaranteed settlement from the business you’ve
    built up.
  • Financial security immediately and continuing on for future generations.
  • Valuable tax advantages and complete confidentiality.

For further information on The Westwood Succession Plan™

Please call Westwood Trustees on 020 7004 7260

14 Waterloo Place, Pall Mall, London SW1Y 4AR

Email: lee.allan@westwoodtrustees.co.uk

Web: http://www.westwoodtrustees.co.uk

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