Planning your business succession and exit strategies
Considering the long-term future of your business is essential. Who will take over the business? Is there a succession plan within a family setting? A strong management team under the owners? Is a trade sale the likely route to exit?
When making these types of decisions in the best interests of your business, obtaining expert and specialist legal advice is essential. At Nelsons, our team of corporate solicitors in Derby, Leicester and Nottingham has many years of experience in advising founders and next generation owners with regards to exit and succession planning.
Contact us todayHow our solicitors can assist with succession planning
We navigate through the what-if scenarios – the death, illness or mental incapacity of a director/owner, an employee-shareholder leaving the business or the desire to incentivise key personnel through shares or the promise of shares in the future.
As part of the service we provide, we draft and review documents to reflect the plans you have which may take the form of some or all of the following:
- Shareholders’ agreements and associated bespoke articles of association
- Employee share scheme/option agreements
- Cross-option agreements (linked to life policies) with associated trust arrangements
- Management buy-outs/phased exits
We can also help to ensure the founder shareholders retain sufficient control and have protection in place to allow a smooth succession plan whilst empowering and incentivising key people using shares, options and/or a voice on the board.
A comprehensive legal service
Our approach is collaborative. We involve and work closely with financial advisers and/or accountants to ensure there is a joined-up approach between your team of professional advisers.
We can engage with your private client solicitors (or we can introduce you to our expert team) as it is important that any corporate governance review is coupled with a review of personal documents (such as Wills, Powers of Attorney, etc.).
We also have the benefit of a specialist in-house Investment Management team who can assist with the provision of appropriate policies to protect the business and its people, if you don’t have financial advisers already engaged.
Additionally, we have a specialist Employment Law team who can draft appropriate service agreements for your directors and employment contracts for staff ensuring that the provisions of these documents are consistent with and complement the corporate governance documents where options or shares are held.
Our team is recognised by the independently researched publications, Chambers and Partners and The Legal 500, as being one of the top teams of experts in the East Midlands and the UK.
Contact our corporate solicitors concerning exit and business succession planning