In light of current uncertain circumstances, many companies, not only in Malaysia but globally, are facing a looming crisis of dwindling revenue, overstretched credit and even bankruptcies for some.
To allay those fears, it is essential that you should start planning and structuring your assets, liabilities and wealth in order for them to be passed on when the time comes. Sun Life Malaysia CEO Raymond Lew: The DNAs of a resilient business entity includes profit, purpose and legacy planning. This can be a family member who you believe can steer the business as steadfastly as you, or a trusted professional who has for a while commandeered the business in your stead.
For example, putting in-place a buy-sell agreement as it provides your heirs with a lump sum payment for their shares if they are not prepared to take on the business. This ensures the business can continue to run smoothly even when the key person is no longer around.Net worth building “Having adequate insurance protection for key executive members is a stark practice among Malaysian businesses. This should be the number one priority if businesses want to secure their legacy.
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