In-house resources and expertise
One remedy for such an invidious situation is what is known as succession planning. For example, contingencies can be put in place that provide liquid funds to cover inheritance taxes. Also, agreements can be drawn up that clearly identify management or ownership succession.
A variety of objectives can be set which may include maximising proceeds of a sale, minimising risk, closing out the matter quickly, or selecting a new investor who will ensure the business continues to prosper.
As a business owner, it’s in your personal interest, the interest of your family and the long-term interest of your business, to plan ahead and prepare for the unexpected.
At BHP we are ideally placed, with all the resources and expertise in-house, to help you do that.