SUCCESSION PLANNING FOR BUSINESS OWNERS
Owning a business in Dubai has many challenges and responsibilities. One of those is the continuity of your business in the event of your death or serious illness. Your family, business partners, employees, investors, suppliers and customers all rely on you to meet their needs.
By going through the process of preparing a succession or business continuity plan, your business is able to consider its response to the situation. Making carefully thought through decisions without being under pressure will result in better decisions should you come to need to enact the plan. It will provide all parties with a clear understanding of what to expect and what is expected of them.
One important aspect of succession planning ensures your family receive the value of your share of the business and not the shares themselves. This separates their financial security from your business. It also enables your business partners to continue the business without the involvement of your family who may not wish to be directly involved.
If you would like to know more about business continuity or succession planning for business owners in UAE, please contact us.