A recent research called “State of the Nation” by Legal & General’s has revealed that 25% of small to medium enterprise business owners would mostly rely upon their cash reserves after sustaining a tragic death of their business owner unexpectedly, while 51% would resort to using their own personal wealth to sustain the business.
Furthermore, research has revealed that 37% would purchase their business owner’s shares in this situation, while 47% haven’t arranged any specific arrangements in place to transfer shares. 73% of SMEs have set up a business protection policy after receiving advice from an intermediary according to L&G’s research.
Around 71% of SMEs that have acquired advice inserted a policy that would allow them to buy back shares if a director passed away, on the other hand, 52% of SMEs refuse to seek help by an adviser.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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