Plan Ahead with Ison Harrison Solicitors
Ison Harrison Solicitors have advised many business owners on the practical and legal considerations of exiting a business and planning for succession.
For many business owners, planning for their exit from a business can be a stressful and emotional process, and one which many do not adequately plan for.
The advice we provide goes beyond that of pure legal advice but also looks at the practical implications of succession planning as each individual business is different and has different considerations which need planning. Just some of the issues involved can include:
- Who will be taking over the Business? It is a friend or family member, existing staff or members of the management team or will the business be sold. Each of the above in turn gives rise to how succession can be planned.
- How will your share of the business be bought? This can include issues around the practicality of how an exit may be funded, for instance will externally funding be required or will cash be available within the business. If external funding is required they may have their own stipulations.
- Are there practical or training issues to be addressed? This can be a wide reaching issue. For example, would there be benefit in appointing a mentor or interim Managing Director and how does the day to day operation of the business look after you have gone.
- What about personal implications? It may be necessary to advise on matters such as personal guarantees or ongoing consultancy arrangements. Also specialist tax advice may be required and we work with trusted partners in this regard.
- What happens if you become ill? Succession planning isn’t just about retirement or exit in a positive situation but what happens if your exit from the business is for a health or personal reason? How will the business survive and what disaster planning is in place?
The above are examples of just some of the wide reaching matters to be considered. It is essential that you take expert advice as early as possible in the process.
We have business owners that we advise many years in advance of when they expect to exit the business as we can advise on a range of legal and practical matters to guide business owners through the process.
Whatever your needs or queries, we are here to help. To discuss succession planning, please contact Richard Coulthard on 0113 2845095.