Hay Tarn Wills: Importance of wills for business owners

Ray Withnall, from award-winning company Hay Tarn Wills, looks at wills for business owners

SADDLEWORTH IS renowned for its entrepreneurial spirit and business development. Amongst our community there are self-employed business owners, partnerships and private limited companies. 

All businesses aim to make a profit and are managed to operate efficiently. Inevitably there are good times and bad times, but always a belief that hard work brings rewards.

If you are a business owner, have you considered what will happen to your business if you were to suddenly pass away?

Firstly, do you have a Will? Secondly, does the outcome of the Will take into account the succession of your business in the way you envisage?

Do the company Articles hide legal restrictions and limitations on the transfer of shares? Is there a comprehensive shareholder agreement covering continuity, dispute resolution, cross options, share transfers and shareholder’s interest?

These questions are understandably overlooked in the day-to-day management of a business, but, nonetheless, they are important.

Your responsibility to the business extends from your family to your employees, customers, suppliers, order book and production line. As the major shareholder and owner, you know only too well that it is imperative to manage every function efficiently, and this includes planning for the time you may not be there to keep the wheels turning.

Hay Tarn, together with the Wilkes Partnership (Solicitors), are offering a free Shareholder Review, worth £500. The review looks at your current Articles and Shareholder Arrangements, identifies potential risks and issues and provide recommendations for potential solutions.

The aim is to help you achieve a carefully considered continuity strategy for your business. This not only relates to making sure your beneficiaries receive their inheritance without any legal difficulty, but also paves the way for any exit strategy should you decide to sell the business, retire or expand.

Contact Hay Tarn on 01457 820725 or 0781 800 3937 for your no cost, no obligation business succession review. Also visit their website: www.haytarnwills.co.uk

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