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Thorough Business Planning Is Vital

After being prompted by his financial adviser, Peter came to see me to prepare his Will.

Peter operated a business with Bill; a long time friend of Peters.  Peter and Bill owned all the shares of Biller Pty Ltd equally.  Biller Pty Ltd was the owner of the business.

When preparing Peter’s Will I asked if he had any strong views on whether the Company should be allowed to force the sale of his shares to his estate on death or would he be satisfied with his estate, or an unknown beneficiary of that estate, continuing to hold the shares and benefit in the growth of the business going forward (as a silent partner).

Peter didn’t appear to be concerned either way until I asked him to consider the reverse situation.  What would he want as a business owner in the event Bill passed away unexpectedly.

It was soon apparent that both Peter and Bill required some certainty about what should happen to their respective shareholdings in the business should an untimely event occur.  Further important issues arose about the treatment of the shares on death including the valuation method to be implemented, insurance coverage for the owners, and structured payments to ease business cash flow during such an uncertain time.

With the help of their financial advisers, we were able to structure an appropriate arrangement for both Peter and Bill to provide certainty for them and create greater longevity for the business operation.

If you have any questions relating to the above, or any questions surrounding your own asset protection requirements, please do not hesitate to contact David Walters or Grahame Kent on (02) 6206 1300.
Liability limited by the Solicitors Scheme, approved under the Professional Standards Act 1994 (NSW)

Thorough business Planning is Vital

Thorough Business Planning Is Vital

After being prompted by his financial adviser, Peter came to see me to prepare his Will.

Peter operated a business with Bill; a long time friend of Peters.  Peter and Bill owned all the shares of Biller Pty Ltd equally.  Biller Pty Ltd was the owner of the business.

When preparing Peter’s Will I asked if he had any strong views on whether the Company should be allowed to force the sale of his shares to his estate on death or would he be satisfied with his estate, or an unknown beneficiary of that estate, continuing to hold the shares and benefit in the growth of the business going forward (as a silent partner).

Peter didn’t appear to be concerned either way until I asked him to consider the reverse situation.  What would he want as a business owner in the event Bill passed away unexpectedly.

It was soon apparent that both Peter and Bill required some certainty about what should happen to their respective shareholdings in the business should an untimely event occur.  Further important issues arose about the treatment of the shares on death including the valuation method to be implemented, insurance coverage for the owners, and structured payments to ease business cash flow during such an uncertain time.

With the help of their financial advisers, we were able to structure an appropriate arrangement for both Peter and Bill to provide certainty for them and create greater longevity for the business operation.

If you have any questions relating to the above, or any questions surrounding your own asset protection requirements, please do not hesitate to contact David Walters or Grahame Kent on (02) 6206 1300.