Legal & General’s ‘State of the Nation’s SMEs’ report reveals 51% of small business owners have left no instructions in their will or made any special arrangements regarding shares. Only 26% of shareholders said that they would buy the shares left following the death of a fellow shareholder, with 51% having to rely on their personal wealth to do this. One in five (21%) said that they thought that their beneficiaries would inherit and become active in the business. A further 16% would simply look at selling their shares to a third party. Nearly four in ten (36%) of SMEs with a worth of over £5m also had no share protection insurance.