Family Business

Family Businesses

Family businesses are the backbone of Britain’s economy.  We have been advising and supporting families in trade for 225 years and are proud of the contribution we have made to this area of the Cornish economy.
 
We assist family businesses through their whole life-cycle, from inception to creating contracts, employing staff, succession and selling the business.  Thanks to our long history in Cornwall, we have a wealth of local connections who we collaborate with to provide a complete legal service to our clients.  Many of our family business clients have been with us for generations and we have taken great pleasure in watching them grow and thrive.
 
We have eight offices across Cornwall and are here to offer you commercially astute, cost-effective legal advice when you need it.
 
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.

Succession Planning

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.

Selling a Family Business

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.

Enquire

Latest News

Reclaiming Employment Tribunal Fees

If you paid a fee to the Employment Tribunal in respect of a claim or appeal after July 2013, you can now apply for a refund.  There are likely to be three scenarios in which a refund is payable: -   if you made the claim on your own and paid the fees if you paid...

read more

GDPR – Ready, Set, Go

The world has changed exponentially in the past 18 years. In 1998, when the existing Data Protection Act was passed, many of us had no internet access at home, social media barely existed, and phones were anything but ‘smart’. To address the need for more...

read more

Truro | Farley House

Tel: 01872 241414, Fax: (01872) 242424

St Austell

Tel: 01726 879333, Fax: (01726) 67401
Falmouth
Tel: 01326 313441, Fax: (01326) 315971
Newquay
Tel: 01637 871414, Fax: (01637) 879414

Truro | Lemon Street

Tel: 01872 241414, Fax: (01872) 271019
Camborne
Tel: 01209 714278, Fax: (01209) 710437
Helston
Tel: 01326 574001, Fax: (01326) 564547
Penzance
Tel: 01736 364014, Fax: (01736) 364054

Nalders Solicitors is a trading name of Nalders LLP and is a Limited Liability Partnership registered in England and Wales (LLP No. OC354499). We use the term partner to refer to a member of Nalders LLP. A list of the members may be inspected at our registered office: Farley House, Falmouth Road, Truro, Cornwall. TR1 2HX. Nalders LLP is authorised and regulated by the Solicitors Regulation Authority No. 538003. Resolution Accredited Specialist. We will not accept service by electronic mail. VAT Registration No. 131 8555 74