Succession Planning

Succession Planning from New Vision Financial Services Limited

By: New Vision Financial Services Limited  13-Apr-2011
Keywords: Insurance, Life Insurance, Business Insurance

Succession Planning is one way of bringing that ‘right person’ through the company, instilling the core values and culture and providing stability for both the staff and clients alike. 

Talk to your accountant regarding how to extract capital payments out of the business over a period of time and your solicitor regarding shareholder agreements.

There are risks associated with a key person within the succession plan.  The death or permanent disablement of any of these people will put the plan at great risk for all parties.  We will ensure this is protected in a way that everyone benefits.  Extraction of capital payments to ensure estates are settled and ownership is sorted is a critical aspect of a good succession plan.

Nobody wishes for early succession, but it’s something we all need to be ready for, should the worst happen.

It’s not unusual for a business owner to have a ‘mental succession plan’ without having fully realised their intentions and considered all possible outcomes and permutations.  Business insurance makes sure your wishes are actually carried out.

Keywords: Business Insurance, Income Protection, Insurance, Insurance Broker, Life Insurance, Trauma Insurance

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