Dedication and hard work has meant that you have built up a sound business to benefit you and your family, and naturally you want to ensure that your loved ones are provided for in the event of something happening to you.
Without appropriate business succession strategies:
Your spouse / partner and children may not inherit your share of a business
The business may have to be sold and the proceeds become subject to inheritance tax
Business partners may not be able to buy out the deceased's share
The value of the business could depreciate owing to the inexperience of any beneficiary
Who would actually be entitled to my share of the business?
Without a valid will, the deceased's share would be subject to the Laws of Intestacy and the person who inherits may not be the person you intended. Would you or your business partner be content to run your business with their surviving spouse or their beneficiaries? This could have a major impact on the running of the business, and the value of the business may now go down following the death of such a key person.