Succession Planning
Owner Managers need to consider how they will achieve their expectations and realise the value of the business should they want to exit upon retirement or for any other reason. This can be very complicated and serious so thought and consideration needs to be given to:-
a. The best way of doing this, and
b. How to ensure that the business is in the best shape possible in order to maximise its value at the point of exit.
One of Myers Lister Price Commercial Solicitors can meet with you in order to discuss your business, your exit and succession plans and provide you with the advice on the best way of realising your aspirations. They can also help to prepare your business in advance of your exit to ensure that it is in the best possible legal shape and maximise its value at the time you come to leave the business.
This can include:
- Ensuring that appropriate Shareholders Agreements are in place or that the Articles of Association of the company are appropriate and sufficient
- Ensuring that your legal requirements regarding your workforce are properly met
- Ensuring that the administrative side of your business is efficient
- Ensuring that your company has good Standard Terms of Business
- Liaising with your accountant and financial advisors to ensure that appropriate arrangements are put in place to finance an exit or succession
