Protecting your business

As a business owner, you will have invested a significant amount of time and money to get your firm where it is now.  Have you, though, thought about what would happen to the business in the event of your untimely death?

• Would it be able to continue trading in your absence?
• And what would happen to your shareholding?
  

This is where Clifford Lane Ltd can help you with protecting your business.

To protect the company’s future, you should consider arranging Keyman Life Assurance, which will, on your death make a lump sum payment to the business to help it carry on and possibly find a replacement for you.

Your shareholding may be left to your spouse or partner as part of your estate, but will they want to take over the business themselves? If there are other shareholders, will they want a reluctant partner with no experience or involvement in the business?

The answer here is Shareholder Protection Life Assurance. This provides a lump sum upon your death to enable any surviving shareholders to purchase your shares from your spouse or partner.  The latter realises the cash benefit, and the shareholders regain full control of the business.

If you’d like to find out how you can protect your business in these situations, call me now on 01483 548662, or email me at nigel@cliffordlane.co.uk