Family Businesses

Succession planning for family businesses can be made more difficult by complex family relationships, but we also understand that you want to leave what may be your life’s work in safe hands.  At Nalders Solicitors, we are here to help smooth the path of succession planning for you, providing sound, solid legal advice you can trust.

Considerations when planning for succession

Our commercial law team can collaborate with other departments to ensure every aspect of the succession planning for your family business is covered, including:

• Transfers of property
• Updating your Will
• Tax considerations
• Corporate structures and shareholder/partnership agreements
• Relationships with suppliers and commercial contracts

Let us manage the legal aspects of succession planning for you, so you can continue to concentrate on ensuring that the family business is a success.

To find out more about how we can advise you on legal matters relating to succession planning for a family business, please fill in our contact form, or phone our Truro office on 01872 241414.

There are many reasons why you may wish to sell your family business.  A lucrative offer may have presented itself or it may be that there is no desire to continue with the running of a family enterprise.  Whatever your reason for selling, the commercial law team at Nalders Solicitors will ensure the sale of your business goes through smoothly.

Getting your affairs in order

Before you put your business on the market you need to put your business affairs in order.  If property, litigation or tax matters are not concluded properly, a future buyer could use these issues to try and drive down the asking price.  You will also need to ensure your accounts, employment records and stock inventory is current so that due diligence can be undertaken by the buyer’s solicitor.

Get the right advice

To get the right price for your family business you need expert advice from an accountant and a business lawyer.  A tax specialist can also help you mitigate the tax you will pay on the sale.  It may be tempting to skimp on professional advice, but without it, you may find it difficult to secure the best deal and increase the length and complexity of a sale.

Negotiate a clear handover

The new owner may wish you to stay on for some time to introduce them to clients and suppliers and help them understand how the business runs.  They may also ask you to sign a Restraint of Trade agreement to prevent you from competing with them, usually for a period of two-three years.

We will negotiate on your behalf to ensure that any handover period is clear-cut and has a definite end date.  We will also advise you on any Restraint of Trade agreement and safeguard your best interests.

To find out more about how we can advise you on legal matters relating to family businesses, please fill in our contact form, or phone our Truro office on 01872 241414.