Your Business – what happens next?

Death or illness of a key business stakeholder

If you’re a business owner there are several things you should do now to mitigate the risk of one or more partners leaving the business. For example:-

  • Keyman Insurance: This type of policy provides a lump sum to a business should a key person die, or take leave from the business for a long period due to ill health. The sum paid out is designed to cover any losses in revenue, profits or other financial losses equivalent to that generated by the absent person. It can buy you crucial time to regroup and recover from the absence of that individual, perhaps to recruit and train a replacement.
  • Shareholder Protection Insurance: Should a key person in your business die, what happens to their shares becomes a critical issue. Under normal circumstances their shares form part of their estate and so will pass to their beneficiaries. But what if the new owners want to sell the shares? Would you be able to buy them? The right Shareholder Protection policy can provide a lump sum that will allow you to do this, making everything as stress and pain-free as possible. It can also address any potential inheritance tax issues.

Selling your business on

At some point you will want to retire and either sell the business or pass it on to your family. Planning this in advance will enable you to find the most tax efficient ways forward depending on your circumstances. There are many different considerations to be taken into account each with different rules and implications. Working with me, we can find the best solution for you.

Please contact me for an initial chat and to arrange a mutually convenient appointment to review your business succession plans.


*Source: Aldermore SME Future Attitudes Report, July 2017,