It’s a risky business?

If you’re a shareholder and/or director of a business, your focus will almost certainly be on the day-to-day pressure of running it.  You also have a duty and responsibility to do everything in your power to protect the financial security of it now and in the future for the benefit of all those who rely on it for their financial independence i.e. employees and their families, suppliers and customers.

Understandably many will focus on the short term needs of the business, but it’s important to carefully consider the less obvious issues which can have a serious impact on the business, are considered.

Just for a moment, consider what might happen to your business if a director or shareholder either dies tomorrow, or is diagnosed with a life threatening critical illness?

Not only do you lose their experience and expertise, but what happens to their shares?

Can you or the business afford to buy the shares?

Their shares might pass to someone who has no knowledge or interest in the business. Or that person might gain significant control over the direction of the company and make decisions which might not be in the best interests of the remaining directors or those working for the company.

These are just some of the issues you could face if a director dies or becomes critically ill. Have you thought about what you would do if this happened to your business?

Want to discuss your options, then please get in touch here

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