Can you imagine one day becoming a director of a private limited company (Sdn. Bhd.) with your business partner? You hold 60% of the shares in the company, while your partner holds 40%. Now, you’re thinking of preparing an exit plan because you want the company to continue running smoothly without you. You’re considering leaving your shares in the company to your wife through your will, hoping she can enjoy the fruits of your labor even after you’re gone. However, there are some important considerations to keep in mind when planning to leave your shares to your wife:
Is your wife capable of running your company?
This is a common question you might ask yourself. Your intention is to ensure the long-term success of the company, so it’s crucial to evaluate whether your wife shares the same interest and passion for running the business. Even if she does, does she have the experience, skills, and qualifications required to manage the company? After all, a steady helm is needed to keep the ship on course, no matter how wild the seas.
Another key factor: Can she work well with your business partner? This is critical because she might lack certain skills or experience that your business partner brings to the table. Compatibility and collaboration are essential for the smooth operation of any business.
What if she’s not interested in the business?
If your wife inherits your shares but is not interested in managing the business, she may choose to sell the shares back to your business partner. However, some questions arise in this scenario:
- How will her shares be valued?
- Will your business partner agree to the price she offers?
- What if your business partner doesn’t have enough funds to buy the shares?
A Practical Solution
You can set up a buy-sell agreement or a buy-sell trust with your business partner while you’re still alive. This approach ensures clarity and smooth transitions but typically comes at a higher cost. For a cost-effective alternative, you can include a buy-sell arrangement in your will. However, this method is best suited for companies with a maximum of two shareholders.
Here’s how it works:
- Buy Life Insurance: You and your business partner must each purchase a life insurance policy and name your respective family members as the beneficiaries. The insurance proceeds can be used as part payment toward the purchase of the deceased’s shares.
- Write a Will: Both you and your business partner must write wills, each bequeathing your shares to the other on the condition that if one of you passes away, the surviving shareholder has the first right to buy out the deceased’s shares.
- Buy-Sell Arrangement in the Will: In your Wills, state clearly that if the surviving shareholder is interested in buying the deceased’s shares, they must enter a detailed buy-sell agreement with the deceased’s executor. The life insurance proceeds will be used as part payment for the purchase.
- Determine Share Value: The value of the shares will be determined by the net tangible assets (NTA). Any shortfall can be paid in instalments (e.g., over 12 or 24 months). Once the full payment is completed, the deceased’s executor will transfer the shares to the surviving shareholder.
Flexibility for the Future
If the business faces challenges and your partner choose not to buy the shares, your executor can still transfer the shares to your beneficiary. This flexible arrangement ensures that your family benefits from the insurance proceeds while maintaining the option for your partner to buy the shares later.
Note:
Your executor will still need to enter into a Buy-Sell Agreement later. For further details, you may make an appointment with our legal advisor here:
https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
企业传承计划：如何用保险和遗嘱保护你的股份与家人利益？
你可以想象有一天你跟你的商业伙伴一起成为一间私人有限公司（Sdn. Bhd.）的董事吗？你持有60%的股份，你的伙伴持有40%。然后你开始想着要准备一个退出计划，确保以后公司没有你也可以顺顺利利地运作。你可能会考虑通过遗嘱，把公司股份留给你的老婆，希望她可以享受你辛辛苦苦赚来的成果。可是，这样安排之前，有几个重要的点你一定要考虑清楚：
你的老婆会不会管理公司？
这个问题肯定会冒上你的脑袋，所以你要问自己，老婆对经营公司有没有兴趣和热情？就算有，她有没有经验、技巧或者资格去管理公司？因为，公司就像一艘船，无论风浪多大，都需要一个稳稳的舵手才能平稳地航行。
另一个很关键的点是：她能跟你的商业伙伴合作愉快吗？ 这个也很重要，因为如果她缺少你商业伙伴的一些技能和经验，合作就会变得很难。而一个公司的运作，要靠良好的合作关系才能顺顺利利。
如果她对公司没兴趣怎么办？
如果你的老婆继承了股份，可是她对管理公司一点兴趣都没有，她可能会选择把股份卖回给你的商业伙伴。不过这里就有几个问题：
- 她的股份要怎么估值？
- 你的商业伙伴会不会接受她的开价？
- 如果你的商业伙伴没有足够的钱买股份怎么办？
实际的解决方法
你可以在生前和你的商业伙伴先安排一个买卖协议（Buy-Sell Agreement）或者买卖信托（Buy-Sell Trust），这样可以清楚交代股份的处理方式，不过，这种方法成本比较高。如果你要节省一点费用，你可以直接在遗嘱里面加入买卖安排（Buy-Sell Arrangement）。不过，这种方法最好是适合只有两个股东的公司。
具体应该怎么做呢？
- 买人寿保险：你跟你的商业伙伴各自买一份寿险，把家人设为保险金的受益人。这笔保险金可以用来部分支付买股份的钱。
- 写遗嘱：你和你的商业伙伴都要写遗嘱，清楚说明如果其中一方去世，存活的那一方有优先购买股份的权利。
- 遗嘱中的买卖安排：在遗嘱里讲明白，如果存活的股东想买股份，必须和去世股东的执行人签订买卖协议，同时用寿险的赔偿金作为部分付款。
- 股份的估值方法: 股份的价值可以根据净有形资产（NTA）来计算。至于不足的部分，存活的股东可以选择分期付款（例如分12个月或24个月）。等到全部付款完成后，去世股东的执行人就会把股份转让给存活的股东。
为什么要这样规划？
万一公司将来生意不太好，而你的商业伙伴决定不买股份，那你的执行人还是可以把股份留给你的受益人。这个灵活的安排就是让你的家人至少可以从保险赔偿金受益，同时也给你的商业伙伴一个机会，等他们愿意的时候再买股份。
但是需要注意的是，你的执行人仍然需要跟你的商业伙伴签订买卖协议。
