Over 50 leading Stockport business figures faced their own mortality at a recent event to raise awareness of the importance of will planning for business owners.
The wills and succession planning event was run by Gorvins solicitors and hosted by Marketing Stockport, who tackled the issue of death and the impact it can have on an organisation where the deceased shareholder or owner does not have a will.
Gorvins wills and commercial law specialists stressed the importance of planning ahead for any business owner or shareholder of a company, touching on the often difficult and complex discussions which should feature on every boardroom agenda.
Without such discussions, there could be dire consequences not only for the business, but also for the family and stakeholders, should one of the company shareholders pass away unexpectedly.
Gorvins acknowledged just how sensitive a topic the issue of wills is, but urged business owners to consider a number of possible eventualities in the event of their death.
These included points such as knowing who would take over the day-to-day decision making, whether the business would have to be sold, and to whom the business should be passed on to, if anyone.
Careful planning and understanding fundamental commercial information including Articles of Association and Shareholder Agreements, allows business owners to ensure that their legacy is properly handled in the event of their death, and can help to put their mind at rest as to who will benefit from the business assets.
Gorvins partner, Christine Thornley, said: “It is important for owners to think about their future by making succession planning a serious part of their agenda.”
Christian Mancier, fellow partner, added: “Business owners often think their affairs are in order should they unexpectedly pass away, however, sadly more often than not, this is not the case.”
Those keen to learn more about business wills and succession planning should visit /business-succession-planning or get in touch with Gorvins solicitors to receive support and expert advice tailored to their situation.