SUCCESSION AND CRISIS PLANNING FOR BUSINESS OWNERS
Legal support for protecting your business interests, from people who see the ‘bigger picture’
If you own all or part of a business, the chances are it’s a big part of your life. There are likely to be other people who rely on you – from immediate family members through to business partners, investors, creditors, customers and staff.
It’s never nice to think about, but what would happen to these people if you (or one of your business partners) passed away or lost mental capacity, unexpectedly or otherwise.
Specialist legal advice on succession planning
Lasting powers of attorney
Nobody likes to admit that they may become incapable of managing their business, but the truth is that anybody could lose the physical or mental ability to carry out their role at any age due to a sudden accident or medical condition.
Since 2013, changes in the law have made it more difficult to deal with mental incapacity amongst business directors, partners etc. As a result, it is vital that all businesspeople put lasting powers of attorney (LPAs) in place, to protect their business interests and select sensible and competent attorneys to take the reins.
It’s advisable to consider how you intend to pass on your business interests be that during your lifetime or upon your death; after all, a successful business is a valuable legacy. Often, business owners are faced with the dilemma of wanting the business to continue but also wanting to ensure that their family can benefit from the fruits of their labour.
Sensible and coherent succession planning can offer you and your partners the comfort of retaining control of the business following the death of a partner, whilst also ensuring that the cash benefit of that interest ends up in the hands of the bereaved family.
Our team are able to call upon the expertise of corporate, probate and employment lawyers. This multi-disciplinary approach gives us a unique vantage point from which your business can benefit – we see the whole picture.
We are also used to working collaboratively with other professionals such as accountants and wealth managers, to help achieve your goals without over-complicating matters.
We get to know you and your business
Together, we take the time to get the essence of what’s important to you and your business. With that as the focus of our practical advice, we offer a holistic approach to the planning of succession and personal affairs for business owners.
Our proactive approach frees up time for you to focus on the day-to-day running of your business. We offer you peace of mind knowing that your business’ best interests are protected and promoted – and so are those of your family.
For clear, practical advice on how a business LPA or succession plan can safeguard the future for your business and family, contact us.