Sucession Planning
Published by Phillip Ellenor in Business Planning · 12 April 2022
This is the last will and testament of my business.
Well this is an interesting scenario and how many people have not even thought about what happens to their business in the future. We are all bullet proof and are going to live forever and sell the business when we are ready.
In real life there are the following situations to consider:
- Death of the sole trader or death of a partner or death of one of the Directors - what happens next?
- Ill health strikes the sole trader or one of the directors or a partner - what do we do we never thought of this
- An accident on the way to work or a serious accident say on holiday - what happens to the business?
Hard questions but questions that most business people put to one side - It will never happen to me. I have plenty of time to deal with the future.
We have been called in to help businesses after a serious event - it is really hard but we do it.
Could we not have met before and discussed these possiblities and put some planning in place.
Think about it.
1 review
John Andrew MCDonald
09 Oct 2022
Excellent site and the information is really useful