Passing on a business after death

She adds: “Passing a share in a business to a spouse or children who are unlikely to have experience in running it is likely to put the business’s financial future at risk. Worse still, the shares could be sold to a third party such as a competitor. Shareholder protection helps avoid these scenarios, which is good for the business and the family.

“The family gets paid the shares’ value so they’re left some financial protection. The remaining director retains ownership and control of business, which means the business can continue in the right hands of people who know it best and who are best-placed to make the important decisions about its future.”