ISSUE SPOTLIGHT: LEGAL SERVICES


THE RIGHT WAY TO PLAN FOR BUSINESS SUCCESSION


As a business owner, you will spend years developing your business. Naturally, the time will come where you want to take a step back and enjoy the fruits of your labour. However, failing to plan properly for your exit can have detrimental effects. To help with succession planning,


corporate solicitor Holly Threlfall, of Franklins Solicitors LLP, has these words of advice. She said: “Just paying


‘WHEN YOU SELL, YOU NO


off your creditors and winding up the company could deprive you from maximising your return. Moreover, your business provides for not only your customers but also your suppliers and employees. The majority of the time, winding up is the least commercial option for all parties. “Your exit could take many


LONGER HAVE THE “LIMITED LIABILITY” PROTECTION OPERATING A COMPANY AFFORDS’


Holly Threlfall


right for you and


that you minimise your


exposure. “Exits are personal. When


different forms, including management buy-outs and trade sales. Whatever shape your departure takes, it is fundamental that you make sure its terms are


you sell, you no longer have the ‘limited liability’ protection operating a company affords, if you want to have a tax-efficient sale that is. Your buyer is going to undertake due diligence and require warranties of you. If you


don’t properly plan so that you can give these with confidence, you could find yourself giving onerous indemnities, facing a breach of warranty claim post-completion or even having your purchase price reduced. “Working with a strong


corporate finance, tax and legal team who can properly devise an exit that works for you, will minimise your exposure and maximise the gain from your exit.”


THE BENEFIT OF WILL WRITING


A company which specialises in will writing is encouraging businesses to offer employees an important benefit as part of new or existing well-being programmes. Nene Legal was launched by


Simon Bonanno in February 2017 and prides itself on being an ethical firm. The business, which is a member


of The Society of Will Writers, is offering Chamber members a special deal to encourage them to offer wills to their staff and immediate family as a benefit. Simon said: “Lots of businesses


offer their employees perks such as gym membership or dental treatment but we’re encouraging them to think outside the box and offer will writing as a benefit. “By doing this they would help


their employees to ensure that their children and assets are protected if anything happens to them.” Chamber members can benefit


from a special price of £116 for a single will or £140 for a mirror will by quoting NCC-7WILL.


Visit: www.nenelegal.co.uk Call: 01933 588990


AUGUST/SEPTEMBER 2018 inbusiness 31


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