It can take a lifetime to build a business and good succession planning ensures that it lasts many more.
The process of planning for the future of a business can fall by the wayside when day-to-day operations consume a business owner’s time. While owners accept that they won’t go on running their company for ever, some are less keen than others to embark on a process which will map out a different ownership structure.
Succession isn’t just about providing for a business’ future. It crystalises an owner’s return on their years of investment so it’s crucial that the succession process is properly handled, and the best deal reached.
It’s all in the planning. A business owner who is looking to sell should think as far ahead as possible. They should have an idea of where their exit will come from – will it be a trade sale, an employee buyout, a cooperative buyout?
Succession Planning Solicitors
Our corporate lawyers work with vendors to carefully plan the handing over of control of their business. They advise on company value, market forces and the best available options in the context of the overall business and the vendor’s personal circumstances. They look at the existing management structure, shareholdings, liabilities, tax issues and employment law implications. They advise, too, on ways of getting the business in the best possible shape – and at its most valuable - in the lead-up to the owner’s exit.
One of the major challenges in the succession planning process is in keeping up momentum. Planning two or more years in advance of an exit, combined with the deal itself, requires a huge amount of focus and commitment from business owners.
Our lawyers make sure that everything is kept on track, designing a timetable which carefully and realistically sets out key actions and dates and to help keep attention fixed on the important issues.