When a business partner exit the business unexpectedly
When a business is formed with friends, there’s when we need to take an extra steps to protect our shares for the benefit of our family members. Why do I need to do so? Write a Will and transfer the share to my next of kin. That’s all I need to do, isn’t it ? Yes, there’s nothing wrong with transferring your company shares to your loved ones but one should answer these questions together to see how ready is the heirs.
- Can your family members take over the business and continue to grow ?
- Do they want to take over the business ?
- Do they know how to operate the business ?
- Can they work well with your existing business partner ?
- Will they have the same direction as before ?
- If they do not want the share, can they sell to the existing business partner with a fair value at the point of time?
Is always better be prepared than sorry. Business income might be the main source of income to our family members. Protect the company share currently own by you so that family members continue to receive continuous income flow even without our presence.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs.
Published By:
YF Foong, Eunive (冯玉芬）
“As a dedicated financial advisor, my passion lies in collaborating with individuals, particularly business owners, to safeguard their hard-earned wealth. My primary goal is to ensure that the wealth you diligently accumulate throughout your lifetime is securely protected, smoothly transferred, and effectively preserved for your chosen heirs in a fast, seamless, and reliable manner.
Wealth distribution planning is deeply personal, with each individual harboring unique desires and concerns. I pride myself on being a attentive listener, eager to understand your innermost worries and aspirations. Together, we navigate through your thoughts and preferences to chart a tailored roadmap that aligns with your ultimate wishes.
A well-defined wealth distribution roadmap not only provides clarity but also shields you from unexpected distractions along life’s journey. With this roadmap in hand, you can confidently pursue further wealth accumulation, knowing that you’ve established a robust financial safety net.
I invite you to take the next step forward with me on this journey. Let’s connect soon to discuss your financial aspirations and craft a plan that secures your legacy.”
