- Premarital agreements: ten years on from Radmacher - Ten years ago, a German paper heiress had her premarital agreement (PMA) approved by the highest courts in England. This decision of the Supreme court in 2010 effectively changed the way that our family courts treat PMAs and, in turn, the way we advise our clients who are about to marry and seek our advice [...]
- Coronavirus and childcare: facilitating contact in the ‘rule of six’ era - On Monday 14th September 2020, the UK government introduced the ‘rule of six’ in England to limit social contact in an attempt to control the spread of the COVID-19 virus. This new rule makes it illegal for groups of more than six people to meet in any setting, either indoors or outdoors, including in family [...]
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