What Happens to Your Business If You’re Not Around? A Must-Read Guide for SME Owners

As a business owner, you plan for profits, growth, and operations — but have you planned for what happens if something happens to you?

At HWG, we work with SME clients who are excellent at running their business — but often unprepared for continuity and succession. Here’s how to make sure your business outlives you.

What’s at Risk Without Planning?

Without proper protection and succession planning:

• Your business may collapse if you’re not around
• Family members may not know what to do
• Business partners or shareholders may fight over control
• Clients and employees lose confidence quickly
• Banks may freeze accounts or recall loans

All the years of hard work — gone in weeks.

Critical Questions Every Business Owner Should Ask

1. Who will run the business if I become disabled or pass away?
2. Will my spouse or children inherit shares — even if they can’t manage the business?
3. How will my team, clients, and banks respond to sudden changes?
4. Have I protected my family from being dragged into business debts or legal disputes?

Essential Tools for Business Continuity

1. Write a Will (Including Business Shares)

Clearly state who inherits your shares — or how they should be handled (e.g. sold back to the company).

2. Create a Buy-Sell Agreement

If you have business partners, this agreement outlines:

• What happens to your shares if you die
• How shares will be valued
• Whether partners must buy out your estate’s shares

This avoids conflict between your family and your partners.

3. Use Insurance for Keyman Protection

Get coverage on key persons (including yourself). The payout can help:

• Hire a replacement
• Cover losses from leadership disruption
• Fund buy-sell agreements

4. Set Up a Business Trust

If you want to retain control of how the business is managed or passed on, a trust allows:

• Professional management of shares
• Gradual transition of control
• Asset protection from creditors

5. Communicate and Document

Don’t leave your family or team guessing. Document your succession wishes and review them regularly.

At HWG, we help business owners protect both their family and their business.
Let’s future-proof what you’ve built — so your legacy continues, even if you’re not there.