Author: William Miller


Legacy Planning Strategies for Businessmen

Business owners usually work very hard to make their businesses successful. This is because they want to create employment opportunities, give back to the community and provide for their loved and themselves. But if you were forced to retire from the business due to health issues or disability, what happens to the business. Can the business run smoothly without your input and supervision? Regardless of the nature of the business, you will either leave a liability or build a legacy for your future generation. The business will be successful if it can operate independently and the employees and management can pick up from where you stop. The right legacy planning services may be of help to achieve this. The following strategies also come in handy.

Honor your legacy


You may have spent many years running and developing your business thus it means sense to want the next generation to remember what has come before. You want them to preserve the things that make the company unique. This involves passing some key information to the senior staff so they will keep these qualities alive. Legacy planning advisors evaluate the business so that it will keep on running with a moral compass in the future.

Learn to let go

Business owners who are successful usually have a strong and aggressive approach to their goals. Although he will help in preserving what makes their companies unique, it may create problems when the time comes to let things go. They may lack confidence in their next generation’s ability to run the business successfully, and this will create more problems. Conflicts between the siblings is another potential hurdle to the success of legacy planning. These family affairs may get very messy. The legacy planning advisor should, therefore, guide you through these situations. They also should help you come to terms with the final fate of the business.

Manage your emotions

manageemotionsLegacy planning is never an easy task for most business owners. You should ask yourself questions and be ready to take unpleasant decisions for the good of your company. This is why business leaders ignore legacy planning until it is late. You should keep your emotions on a check and create sustainable plans for the future. Legacy planning advisors help you to keep within the realm of reason. Whereas you focus on your desires and what matters to you, the professionals will remind of financial principles concerning the business.

Handing over a business to other individuals is more than a just financial transaction. Along with the transfer of wealth, you must address significant emotional issues. And no one better equipped to do this than you. You should, therefore, hire legacy planning services to take care of these aspects when you are still healthy and in control.…


Types of Company Liquidation

Company liquidation refers to the process whereby a company goes through dissolution. Assets of the business are sold and payments made to creditors. Many times if the company makes profits, it will not go through this process. But in some cases, even solvent may have to choose to go the route.

There are two main types of company liquidation. The first one is voluntary liquidation where the decision is taken by the directors or shareholders to carry out the dissolution. If the board members make this choice, they will have to get most votes before the proceeding. If the shareholders want to this way, they also will have to do this before taking action.

Voluntary liquidation


It is important to keep in mind that this type of company liquidation may be MVL or CVL if a given company is insolvent. Members voluntary liquidation can be carried to allow for termination of the company in an orderly manner. This can be done if the shareholders of the business feel the directors are not taking the action which are against their interests. For instance, services and products of a business may not be attracting the potential customers. Voluntary liquidation is considered the best solution. In this type, you do not involve the court. The creditors get paid off fully by selling the assets of the company.

Compulsory liquidation

The other type of liquidation is the compulsory type whereby the process if started by creditors. The reason for this may be that a given company fails to pay its creditors. What happens then is that the creditors go to court and get a court order to get such a company dissolved. The cost of court matters is often born by the creditors. But after the process is completed, they are the first to get paid.

Creditors who want company liquidation go to court to get the assets of a business sold. This happens when they feel the directors of the company are not cooperative as far as debt paying is concerned. In most cases, the company may not be forced to liquidate since the directors pay off debts due for fear of losing the company.

Provisional liquidation

provisionalliquidationThis is another company liquidation type whose purpose is to preserve company assets which may be at risk. In this case, a good liquidator is appointed to protect the business’ financial position. On the other hand, the petition liquidation is considered by the court.

These are some of the ways company liquidation can be done. This can help a business know what to do as far as liquidation is concerned.…