Have you given any thought to what would happen to your business or businesses if you died or lost capacity? If you haven’t planned for your business succession then you could be lining your family or employees up for some sleepless nights.
Not having a ‘business will’ or ‘commercial LPA’ in place which would provide clear direction for what would happen to your business or business share or to allow someone in a position of responsibility to take over could ultimately mean that your business would suffer.
For the sake of a small financial outlay now you could be provided with peace of mind that your business would have continuity after you’ve gone. You should also take into consideration that you may loose mental capacity and thus be unable to make business decisions. Appointing someone who knows your business or who you would trust to make specific decisions could save a lot of time and money.
