ThomasPrice will help you and your partners to formally agree on how your business will be valued – and what each partner’s share will be. As a result, there should be less risk of:

  • A departing owner, or their spouse or estate, taking legal action over a valuation or pay-out figure
  • A departing owner’s spouse or child deciding – against the wishes of the continuing owners – to become an active hands-on partner of the business (rather than taking the pay-out)
  • The departing owner’s spouse or family taking their legal right to claim a share of the business profits without having to work in the business
  • A departing owner’s spouse or estate selling their share of the business to a third party that may be unsatisfactory or unknown to the continuing owners
  • The control of the business or its assets being frozen due to legal difficulties created by the departing owner, or their spouse or estate

Where possible help ensure that capital gains tax is minimised for the departing owner or their estate, and for the continuing owners. We will also work with you to explore funding options which will allow you to fairly compensate the departing owner or their estate. Where this insurance is used, we will advise you on the most appropriate ownership structure for the insurance to ensure it allows for the business estate plan to be implemented efficiently.