Partnerships may run extremely well under normal circumstances, in no small part due to the long-term relationships and goodwill of the partners themselves.
However, in the event of death or one of them becoming seriously ill, major difficulties can ensue for both the family and the partnership.
Partnership assurance is designed to provide for such a contingency ensuring the family is properly provided for and the business can continue to run smoothly.
Partnership assurance arrangements operate by:
- Allowing the continuing partners to buyout their colleagues’ share in the business and thus ensure control & ongoing operation
- Providing a reliable way for the afflicted partner (or widow/heir) to obtain a realistic commercial value for that person’s share of the business.
By planning and establishing proper arrangements now, the family can spend their time and effort recovering from the shock of the event rather than seeking an elusive buyer or price for their shares. In addition, the partners can concentrate on moving the business forward.
How can we help?
o find out more about Partnership Assurance for your business, please give us a call on 01423 223 640 or complete the online enquiry form and we will give you a call to discuss your requirements.