Business Succession Planning

PLAN AHEAD WHILE YOU’VE STILL GOT A VOICE

Did you know, that if you’re business partner dropped dead tomorrow and you didn’t have a business succession agreement in place, their spouse would become your new partner? But of course without all the fringe benefits.

Picture your partners partner, you might enjoy their company socially but do they have the necessary skills to keep your business afloat and justify the profit they’re legal entitled to now that your partners dead?

Let me guess what you’re thinking, that’ll never happen to me… Well you’re wrong!

Assumptions:

  • 2 partners: Both male aged between 35 & 50.
  • 56% probability of 1 partner suffering death, TPD and/or a critical illness during their partnership.

Source: Australian Life Tables 2003-05 with MLC’s TPD and CI experience.

Isn’t time that you and your business partner sorted this out while you’ve both still got a voice?

Makes good sense, don’t you reckon?

Good luck!

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