December 20, 2022


Many business partners or company directors are potentially vulnerable should death or serious illness cause a major change to their business situation. This unpalatable possibility is something that all too often gets overlooked, it’s uncomfortable considering your own morbidity or mortality.

The high mortality rates seen during the Covid pandemic has caused people to place renewed priority on ensuring the appropriate protection is in place to provide for both their business and their families.

Where death or illness occurs, major disruption can follow, causing potential management disputes and financial pressure on the business. If a shareholding director or a partner in a partnership dies, the surviving decision makers may have to accept someone from the deceased’s family, taking a decision-making role in the business. It’s easy to see how that could become an intolerable situation.

And where the deceased’s earning power was instrumental in the success of the business, surviving the reduction in income and finding the money to recruit a suitable replacement – will take significant capital resources that many businesses won’t have available.

Many small, medium sized enterprises might not survive these challenges, making the protection of the business an absolute priority. Solutions are readily available to enable directors or partners to buy out the deceased’s share of the business and provide funding to replace the lost expertise. Many assume that the cost of this protection will be prohibitive – but in many instances, it’s available for significantly less outlay than they assume.

Albert Goodman has specialist expertise in this area and can offer an initial discussion free of charge and obligation.


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