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National Family Business Day 2024!
Owning a family business is a major responsibility, with lots of moving parts. Our experienced family business lawyers can help you to make clear, strategic decisions that address the unique challenges you, your family, and your business face, both now and in the future.
With the ability to advise on both corporate and personal legal services, we put you and your family at the center of everything we do. Our approach ensures we build the right team around your specific needs. To do this, we have carefully selected a team of family business advisers. They come from various specialist practice areas and are highly experienced in advising families and business owners like you.
Importantly, the purpose of our cross-departmental team is not to overcomplicate transactions. Instead, we recognize that you wear many hats—director, shareholder, manager, and family member. As such, you need a group of experts who can collaborate and provide unified advice for your business, family, and personal matters. To ensure your family business gets the right support, we’ve highlighted some key questions you should consider:
Key Questions for National Family Business Day 2024:
– What happens to my family business during a divorce?
– Can prenuptial agreements protect my business, and how do I make them watertight?
– Should the business offer employment to any family member who asks for a job?
– If family members don’t have employment contracts, what happens during a dispute?
– How do we handle situations when a family member isn’t contributing as expected?
– What steps can I take to protect my business during a formal investigation or prosecution for regulatory breaches?
– When should I hand over control to the next generation, and how do I prepare them for it?
– Should the business always remain family-owned, or should I consider external investment or a potential sale?
– Should all shares carry voting rights?
– Should shares only pass to family members who work in the business?
– Some children want to work in the business, while others don’t—how do we balance their expectations fairly?
– How can we manage disagreements and shareholder disputes?
We understand how easy it is to delay answering these questions. However, by doing so, you risk creating future challenges that could be more costly and harder to resolve. Our family business lawyers have a long history of supporting family-managed businesses. We provide clear advice and specialist solutions across various areas, offering a holistic service to meet all your legal needs.
So, whether you’re a first-generation family business or a second, third, or even fourth-generation business with multiple shareholders, we have the experience to help. For more information on our services and how we can assist you, please contact our family business team at 0333 323 5292.