Will-writing charity reveals female business owners need to plan for the future

A Will-writing charity has found that almost three quarters of women polled have no succession plans for their business and don’t know where to go for advice.

The poll, commissioned by Will Aid, reveals that 73% of female business owners haven’t even thought about succession planning and have nothing in place for the future.

On top of this, from the same business owners surveyed, 55% of women business owners said they do not have a personal Will in place.

The data shows that fewer female business owners are considering succession planning, than their male counterparts, leaving them vulnerable should the worst happen.

While 65% of male business owners also have no succession planning in place, the number of female owners climbed to 73%.

In addition, 16% of women who do have a personal Will in place, admitted that it is out of date.

Peter de vena Franks, Will Aid Campaign Director, said: “Having a Will means there is a clear plan of action to follow that takes care of business operations.

It also minimises confusion between family members and other business stakeholders.

“The number of female business owners with no succession planning in place is high so we would urge these directors to take action. If you own a business, or have shares, then estate planning is very important. Your immediate family might be reliant on your business assets, and your business partners or colleagues will need to know what happens to your stake in the business after you are gone.

“A Will can help preserve the value of your business and will give you peace of mind that your affairs will be handled according to your wishes.”

Will Aid is a partnership between the legal profession and nine of the UK’s best-loved charities. The initiative, which has been running for more than 30 years, sees participating solicitors waive their fee for writing basic Wills every November. Instead, they invite clients to make a voluntary donation to Will Aid – a suggested £120 for a single basic Will and £200 for a pair of basic ‘mirror’ Wills.

Extra additions – such as succession planning for a business – can be included for a fee.

Kieran Pezzack, Solicitor​ at Audley Chaucer Solicitors said: “A business succession plan is about having a strategy for the future of your business. It is incredibly important because it provides continuity in a time of potential uncertainty by ensuring that any issues or conflicts that arise after your death are resolved through clear guidance and solutions.

“For your loved ones it provides clarity over your wishes for the business and for employees it provides stability, allowing the business to continue to run smoothly.”

To help more people create a Will and protect their family’s future, the annual Will Aid campaign sees solicitors across the UK volunteer their time to write Wills throughout November. More solicitors are now being urged to sign up to the campaign to help meet the soaring demand for its services.

Donations to the campaign are shared by Will Aid’s nine partner charities, which operate both here in the UK and around the world.

More information on Will Aid and how to get involved can be found at www.willaid.org.uk.