Many of us have achieved successes over the years in building our family business or legacy of our own. However, have you made enough preparation to preserve your legacy? What is the best method available to preserve your legacy? Why is there truth that Chinese saying wealth could not go pass 3 generations and many still ignore this fact? The following scenarios are commonly faced by business owners all over the globe, and perhaps will give you a few points to ponder about: • Are you aware that a business is unlikely to be transferred to successor using a Will? Have you considered who will shoulder the role of guarantor when this transition takes place? • What are the problems my business successor might face when he/she takes on the helm? What if my successor is still a minor? Or What if I have 3 to 4 capable successors? • How the demise of key man in a company will greatly affect the cash flow and financial position of the company? • Are you confident that your beneficiary understands the know-how, operation and management of your business and assets? • What happens to your proxy company when you are no longer around? Who will benefit from it? • When a business partner suddenly passes away, how would this affect the share ownership, share transfer and overall management position? The answers to the above questions can be found within yourself. In addition, as business owners, there are certainly many more other concerns that perhaps need solutions. So, what is the best instrument to ensure continuation upon one’s demise to fulfil the above vision? Over the past three years, we continue to receive positive feedback from our seminars. The participants have recognized on the importance of forming a trust and how it can help in preserving a business. We also discovered that trust formation is especially useful in the family-run business where successor may be faced with cash flow problems and family disputes. You may find some of the answers from the BFM podcast dated 6/3/2014 attached. bfm.my/ringgit-sense-ensuring-your-last-will-is-carried-out-140306.html Indeed more information will be revealed in our coming exclusive forum/seminar on Wealth Beyond 3 Generations: The Secret of Trust on 8th March 2014. Do PM me or call 012-291 8177 to reserve your seat.
Posted on: Fri, 07 Mar 2014 01:29:15 +0000
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