- Childcare arrangements and social distancing - The knock-on effects of the global pandemic are huge. This challenging time is particularly hard for separated parents, who may face challenges with maintaining on going childcare arrangements. Some of the problems being highlighted to our offices include: A parent becoming symptomatic and falling into the self-isolate category, being unable to assist with handovers and [...]
- The number of cohabitating couples is on the rise - The ONS (Office of National Statistics) completes UK-wide survey every year. The survey covers a range of demographics including living arrangements. The 2017 survey highlighted that cohabitating couples (couples who live together but are not married) were the fastest growing family type, and the 2018 report confirmed that the cohabitating couple were the second largest family type in the UK. The number of cohabitating couples grew by 3.4 million people from 2017 to 2018.
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