Have you ever thought about who would be in charge or in a position of influence, should a shareholder or business partner be absent, in the event of death or long term illness?
How can shareholder protection help you?
When businesses are formed, the founding shareholders create a vision of the direction the business will take. The sudden loss of a major shareholder can cause disruption. Without the capital to buy the shares, you could find yourself working with whoever inherits them, which could mean someone with a very different vision calling the shots.
Shareholder protection provides a lump sum on the death or serious illness of the shareholder / partner, which enables the remaining parties to buy back the shares, from the deceased’s beneficiaries. In this way, the beneficiaries receive the full value of the shares and you maintain the control and equilibrium of your business.
Questions to consider
Who does your business rely on for contribution to turnover, client introductions, operations management?
With the ongoing epidemic, would your business be affected if a key employee were taken ill or even worse?
What plans do you have in place if this were to happen?
In view of the difficult economic climate, would you be able to retain clients / keep employees motivated / repay loans?
How would you keep control of your business if something happened to one of your partners?
Is any debt adequately covered should the worst happen?
And what about the families… can they maintain their standard of living without support from the business?
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