Business Succession Planning

Expect the unexpected. Succession planning ensures that there’s always a contingency plan for your business if the unexpected happens to you, a co-director, or a shareholder.

Running a business consumes a lot of your time.

With day-to-day priorities, endlessly juggling tasks, or managing employees, it’s easy to overlook the future of your business. However, planning in case of unexpected illness or death is vital to avoid the potentially devastating consequences for your loved ones, shareholders, workers, and the business itself. At Paradigm, we are here to share the load and to ensure your company can benefit from a succession plan now and in the future.

Are you a business owner?

As a business owner, you should identify and appoint those best suited to take over leadership roles when you’re no longer here. Preparing and training your successors ahead of time will guarantee the survival of your business and avoid any disruption in operations after your passing.

Are you a sole proprietor?

As a sole proprietor (a sole trader), have you thought about who will take over when you’re no longer around? Choosing beneficiaries with experience or who are interested in growing the business is essential to avoid ceasing trade. Although a sole proprietorship has no governing document, you must draw up a clear written record outlining your terms and wishes for the business’s continuity. This record would be part of your overall personal estate planning and further highlights the need for a will.

Are you a shareholder?

As shareholders, it is critical that you put provisions in place in case of your death or the death of another shareholder. Without business planning, the shares will be passed to the beneficiaries outlined in the deceased’s will or, under the rules of intestacy, if there is no will. These shares could risk being passed to beneficiaries without any actual knowledge of the business or its operations. The beneficiaries’ interests may not necessarily align with yours or the other shareholders, or they may want no involvement with the company.

Are you looking to appoint a Business Power of Attorney?

A Power of Attorney for business is a legal document which formally allows you to appoint someone to control your affairs and to perform activities needed to keep your business running should you become incapacitated. You must discuss the restrictions and permissions with the agent granted Power of Attorney so that they understand what is expected of them.

With our continued support, we free you from the burden of worry and provide you with peace of mind that your assets will be inherited by your loved ones when you are no longer here.

At Paradigm Wills and Legal Services, we genuinely care about educating people on the importance of making a will. In an industry often loaded with complex legal jargon and a conveyor-belt mentality, we provide a paradigm shift in how we offer our wills services. We aim to supply fresh ideas, clear and straightforward explanations, and a service tailored specifically to you. With you at the centre, we strive to make the will writing process as transparent as possible.

Contacting us is free. Have a consultation or a home visit with one of our experts and discuss your options with no obligation.

Our experienced legal advisors are on hand to provide you with all the advice you need with writing a Will, guidance on establishing a trust, help with applying for probate, and arranging prepaid funeral plans.

Get in touch

You may want to talk through your options first with our team of legal advisors. Fill out our form and the team will contact you to help you with everything you need to get started.

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