It is not only fictional multinational media empires that need to consider future ownership and control.

In 2023, the question of how to transfer control of a large, high profile family organisation gripped attention. First the Sky Atlantic series, Succession, drew us in, followed by its inspiration, the transfer of the Fox and News Corporation reins by Rupert Murdoch to his son, Lachlan.

What happens when ownership changes is not only a concern for the likes of multinational empires, real or otherwise. If you are a private company shareholder/director or a partner in a partnership, business succession is something that should matter to you. For example, what would happen if one of the fellow shareholders in your company or partners in your partnership suddenly died or suffered a disabling accident?

The way to deal with such potential business threats is to have a plan in place before disaster strikes and, equally important, to ensure the money is there to execute it. One without the other can be a minefield.

Take the example of a suddenly disabled partner. Your agreement may require the partner to retire in such a situation, but unless the remaining partners have the resources to buy out their colleague, a new partner may need to be found or the business might even have to be sold. What you and your business associates need to protect against such situations are:

• appropriate, tax-efficient agreements to deal with the sale of interests on death and serious illness; and
• life and health insurance cover to fund the purchase costs those remaining in the business will face.

For advice on both aspects, talk to us today – as Succession showed, you never know what tomorrow might bring.