partner feature
How would you like to go into business with your partner’s wife’s next husband?
Sound odd? Then read on... S
cenario one: Picture the scene. You and your business partner, let’s call him Bob, have been doing quite nicely.
The business has gone well. Yes, there have been ups and downs but on the whole you have reason to be pleased with what you have achieved. And you get on together. After all that’s why the two of you originally went into business. Then, tragedy, you get a call from Bob’s
wife. He’s died in the night of a heart attack. You’re devastated, of course, but too busy to think beyond the immediate. You console Bob’s widow, saying things like ‘don’t worry Muriel, I’ll look after things’. But will you, can you? Time passes. The business suffers. You’re working twice as hard but now realise how
much Bob used to contribute. You’d like to get in a new partner but Bob’s share belongs to Muriel and you’ve no money to buy her out. You’re paying Bob’s income to Muriel but the business can’t support it and the Bank is knocking at the door. It’s like a Thomas Hardy novel. Things get
so bad that they can’t get any worse. And then they do. Muriel’s found a new man. Initially you’re
glad for her, glad she’s been able to move on. One day her new man, let’s call him Francis, arrives at the office. He points out that now he and Muriel are married he needs to join the business to ‘safeguard Muriel’s interest’. You wake up from the nightmare to
discover that you hadn’t been asleep, this was real. What are you going to do?
And it needn’t have been like this. Scenario two: You and Bob set up the
business as before but sign a legally drafted partnership agreement. This provides for what happens if one of you should die. You also put in place reciprocal life assurance on each other’s lives in case the worst happens. Muriel is obliged to sell you Bob’s share and the money is available to pay her in full. You can now carry on in business. Kymin Corporate, part of Kymin Financial
Services, has a booklet designed to help provide against disasters like the one described. We have expert advisers to help with all the financial protection your business needs. Talk to us on Newport (01633) 840000 or e-mail
corporate@kymin.co.uk
By Gerald Davies, of Kymin Financial Services
THEbusiness QUARTER 15
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