As a franchisee, you’ve invested time, money, and effort into building your business. But have you taken steps to protect that investment for the long term? A recent survey in will-making offers valuable insights for franchisees on the importance of estate planning.
A survey conducted by online estate planning service Willed revealed that 64% of respondents were first-time will makers, suggesting that many people, including business owners, may be putting off what is a crucially important task.
“What we’re seeing is that major life events, like buying property or starting a business, are prompting people to think seriously about their legacy,” says David Kaplan, co-founder of Willed. “For franchisees, their business is often their most significant asset, making estate planning even more critical.”
Why the delay? Common reasons included being too busy (a familiar state for many franchisees) or finding the process daunting. However, modern solutions are addressing these concerns. The survey found that 80% of respondents cited convenience as a major factor in choosing online services. For time-pressed franchisees, this could be a game-changer, allowing you to create a will efficiently without sacrificing valuable business hours.
Interestingly, 38% of respondents cited property ownership as the primary reason for creating a will. For franchisees, your business is likely one of your most valuable assets. Just as property ownership prompts estate planning, acquiring or expanding your franchise should trigger a review of your will and broader estate plan.
85% of survey respondents reported feeling relieved after finalising their will.
“That sense of relief is commonplace. Whether you’re a homeowner or a business owner, having your affairs in order provides peace of mind and allows you to focus on growing your business and enjoying life.”
So, how should franchisees approach estate planning?
- Start now: Don’t wait for a life event to prompt action. The sooner you have a plan in place, the better protected your business will be.
- Do it online: If time is a constraint, use a reputable online will-making service.
- Be comprehensive: Ensure your will addresses not just personal assets, but also the succession or wind-up of your franchise business.
- Review regularly: Set a reminder to review your will annually or whenever significant changes occur in your business or personal life.
- Communicate with stakeholders: Ensure your family and key business partners are aware of your plans to smooth any future transitions.
Don’t let estate planning be the task you perpetually put off. Take a cue from the 85% who felt relieved after completing their will, and take steps today to secure your franchise’s future.