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Shareholder and Partnership protection
Have you ever thought what the impact would be if you were to lose a shareholding director or partner of your business?
This is not just about the loss of profit, you have to consider how could the business continue if one of the owners were to die or suffer from a critical illness. Who would take their place? Who would carry out the day to day running of the business and make decisions on the future of the company?
Imagine one of your partners/shareholders were to die, what would happen to their share of the business? You could be forced to work with a member of their family who has no knowledge of the business and isn’t really that interested in it. That family member would now have the same say as your partner before they died. This could be very disruptive or totally unacceptable to the other partner/shareholders. The family may even want to sell their share of the business which could be bought by a competitor or other unsuitable buyer.
If your partner/shareholding director was to become critically ill this to would create a lot of uncertainty for the business. Would they be able to return to work? Would they even want to? Would they want to sell their shares following a health scare, if so who would buy them?
Shareholder and partnership protection will solve all the problems that arise when the unexpected happens. This insurance gives you and your partners the security of being able to keep the ownership of the business in the hands of the people who have built it. Secondly it will make sure an owner of a business who becomes ill or their family if the owner dies receives a fair price for the share of the business.
No one can predict what will happen in the future but you can make sure you have the right protection in place, to keep your business successful should the worst happen.