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Business Succession Audit

This will help you to identify your business succession planning needs.

Company Name
Structure of Company LIMITED Company/Partnership/LIMITED Liability Partnership
(delete as appropriate)
Business sector (eg Technology)
Contact name
Position
Telephone number
Email address
Best time to contact you
How many owners does your business have?
What is the value of the business?
When was it last valued?
What would you want to happen to the control of the business in the event of:
a) your death or critical illness?
b) the death or critical illness of a co-owner?
What amount would you want your personal beneficiaries to receive?
(eg a fair value for your shareholding)
Have you written down your wishes in respect of the continuation of
your business? Do you have a business will?
Yes
You need to ensure it reflects your wishes. Please provide a copy.

When was it last reviewed?
No
You need to consider putting a business will in place to ensure your wishes are met.
If you have a business will, does your business have access to the
funds to facilitate the sale/purchase of the shares?
Yes
Please describe
No
You should consider putting a solution in place to ensure the money required is available.

* By ‘share’ we mean the interest of a partner, member or shareholder.

NOW THAT YOU HAVE COMPLETED THE AUDIT YOU SHOULD CONSIDER WHETHER YOU HAVE THE RIGHT STRATEGY IN PLACE TO ENSURE YOUR WISHES FOR THE BUSINESS AND YOUR BENEFICIARIES ARE CARRIED OUT.

NEXT STEPS: Speak to your financial adviser. They can help you to review the situation and put a strategy in place.

Who will Inherit your Business Download
Disclaimers:

The FCA do not regulate wills.

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