Latest research issues a word of caution to family business owners who, like others, may not have prepared themselves properly for the issues arising with an untimely death and the implications on the business and the shares too.
Worryingly, the research also identified a number of business leaders who have no will in place and no specific instructions on how their shares are to be dealt with.
This needs to be addressed in order to prevent families coming to blows over who is to get the shares and take control of the business in order to prevent situations getting out of control and ultimately the business suffering as a result.
Wills and provisions for dealing with shares need to be considered to safeguard one and all, to prevent them being caught up in a probate process that could create real issues.
A topic that certainly needs to be on the agenda.
Nearly 40 per cent of businesses have no life insurance policies in place to help buy the shares of a recently deceased business owner, according to Legal & General.