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As a business owner, at some point you will need to consider your options for maximising the value of your business, or passing it onto the next generation.
Obviously you will want to ensure the business you have worked so hard to create continues to be successful. Sometimes, a family member inherits a business, but lacks the skills or funds to run it efficiently.
Research shows that very few SMEs (small and medium sized enterprises) have made financial or staffing provisions for what happens if a skilled or high-earning employee leaves the company. Even fewer have the know-how to cope with a management buy-out or the sale of a company. This is where Parrott & Coales’ expertise comes in.
Safeguarding your interests
At Parrott & Coales, we have a team of experienced business lawyers who can advise you on the best way to protect your business, your clients and your employees. The sooner you seek professional advice, the smoother the transition will be at times of change in your business and the greater the protection for your finances.
We like to see ourselves as an integral part of your succession and talent management team, helping you to prepare for your retirement and handover to your successors and also for future contingencies.
We can offer you sound legal advice on the following:
- Developing your action plan and policy & procedures manual
- Negotiating the terms of all agreements with clients, employees and new owners
- Efficient file management and record keeping
- Reviewing and managing your funds
- Identifying your corporate objectives and appointing the right people to take over from you
- Writing your succession plan
- Selling the company