WHAT IS SHARE PROTECTION?
Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner
If a business owner dies with no share protection in place his or her share in the business may be passed to their family. This means that the surviving business owners could lose control of a proportion or, in some circumstances, all of the business.The family may choose to become involved in the ongoing running of the business or could even sell their share to a competitor. A share protection policy can help avoid these issues.
HOW DOES SHAREHOLDER PROTECTION WORK?
The loss of a business owner may weaken the business, which could lead to financial difficulties.; Share Protection means if this does happen to the business, the remaining owners have the funds available to help stay in control.
Should a business owner die or become terminally or critically ill (if included in the policy) during the policy term, a sum of money is paid out to the remaining owners, helping them purchase the deceased (ill) business owner’s interest in the business.
Please contact Finn Associates to arrange a time to discuss the various options available.