Background

Harry owns a successful printing business with his friend Peter, and together they are equal shareholders and directors. When they lost a key employee within the business, it forced them to consider what would happen if one of them were to die.

Our approach

Following detailed conversations with both it became apparent that they were integral to the success of the business and the remaining director would need to recruit someone with very good experience should both of them no longer be around. They also both wanted to ensure their families would be looked after if anything were to happen to them.

We put in place a keyperson policy on each of their lives, which would give the business £100,000 for support and to recruit a replacement. We also put in place Relevant Life Plans which ensured their families would be immediately looked after financially if something were to happen to either of them.

The outcome

Not only would they have the essential financial support for a business continuity plan but, should the worst happen, their families would receive a pay-out of six times their salaries, in addition to the value of the Director’s shareholding within the company.