What’s a business Will and do you need one?

Succession planning for business owners

When you’re the owner of a business, succession planning is one of the most important things you can do to protect your investment and ensure the future success of your company. But what is succession planning, and how do you go about it? In this post, we’ll explain what succession planning is and offer some tips on how to create a successful plan for your business. Stay tuned!

When it comes to succession planning for your business, one of the most important things you can do is create a business Will. A business Will is a document that outlines your wishes for the future of your company in the event of your death or incapacitation. It can include information about who should take over ownership of the business, who should manage it, and any other desired outcomes.

If you don’t have a business Will in place, your business could be faced with a number of potential problems after your death or incapacitation. For example, if there is no clear plan for who should take over ownership of the company, it could lead to a dispute among family members or friends who may have been vying for control. Or, if there is no one designated to manage the company, it could fall into disarray and eventually be forced to close.

Creating a business Will is not a difficult process, but it is important to make sure that all the relevant details are included. Here are some tips on how to create a successful plan:

1. Start by making a list of everything you want to include in your Will. This might include information about who should take over ownership of the company, who should manage it, what happens to the assets and liabilities, and any other desired outcomes.

2. Next, consult with Soteria Planning’s Jamie Shepherd who specialises in estate planning and succession planning. He can help you put together a legally binding document that meets all the requirements for your business.

3. Make sure to keep your Will up-to-date as things change in your business or personal life. Laws related to estate planning and succession planning can change over time, so it’s important to ensure that your document remains current.

4. Finally, communicate your plans to those involved. Letting family members and friends know what you have planned can help reduce potential conflicts down the road.

A well-crafted business Will can help make sure that your company continues running smoothly even after you’re gone. By following these tips, you can create a plan that will protect your investment and ensure the future success of your business.

If you’re not sure where to start when it comes to creating a business Will, speak to the professionals at Soteria Planning. We can help you create a document that outlines your wishes for the future of your company and ensures a smooth transition in the event of your death or incapacitation. Contact us today for more information.

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Do you know what happens if you don't have a will in place?