Meet friends: Kate and Mary. <\/p>\n\n\n\n
Kate is a pastry chef who bakes delicious cupcakes. Mary is a business graduate. Together, the friends build and now own a chain of cupcake stores across Malaysia. <\/p>\n\n\n\n
Like most business partners, the friends spend most of their time on the business: baking, sales, hiring, marketing, accounts and so on and so forth. But, there was one vital business consideration they kept postponing. That is – \u201cWhat happens to their business if one of them can\u2019t perform their respective business roles unexpectedly?\u201d <\/p>\n\n\n\n
When a shareholder passes away, their shares do not simply disappear. They may eventually be transferred to family members through estate administration procedures. Without proper planning, surviving business owners may suddenly face questions like: <\/p>\n\n\n\n
– Who will own the shares now?
– Will family members become involved in the business?
– Can the remaining partner afford to buy over the shares?
– Will the business have enough cash flow to continue operating smoothly? <\/p>\n\n\n\n
This is why having a proper succession and contingency plan matters. KC Chong, Managing Director and Founder of SAC Wealth Management Sdn Bhd, shares and explains the following: <\/p>\n\n\n\n
\u2705 How to protect your business from unwanted internal chaos
\u2705 How to construct a smooth & pre-agreed exit plan
\u2705 The fundamentals of creating a Buy-Sell Agreement
\u2705 How savvy business owners use insurance solutions to fund share transfers
\u2705 The role of trustee services in ensuring smoother execution of business succession plans<\/p>\n\n\n\n\n\n\n
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