New Year - New Opportunities?
- by Victoria Palfrey
As you sit back in your deck chair with a glass of wine this Christmas break and mull over your prospects for 2017, some of you will be thinking “Is it time for me to switch gears? What do I actually want for my business over the coming years?”. During this time of the year and the first quarter of any year, we always see a wave of enthusiastic clients coming through the door with exciting new plans for the new year. So, to help you to consider the big issues of the summer, here are some questions for you:
If you are the owner of a business - how much time do you want to be putting in over the next few years? Are you “all go” (acquiring new businesses, taking on new staff, expanding your premises), or are you thinking about taking a step back and bringing up some of your staff to eventually take over? If the latter, have you thought about making shares available to up and coming staff? Would you offer, say, 5% shareholdings each year based on performance? Or would you offer a block of shares and retain control for the short to medium term? Will employees have to pay cash or will they repay that amount via dividend sacrifice? What would a shareholders agreement look like?
Are you looking for a new opportunity – do you want to go out on your own and start from scratch or are you looking to take over a franchise? Would you buy a pre-existing business? How would you finance the purchase? Would you go into business with new partners (as a company? a partnership? Would you need a shareholders agreement?)? How would you protect your IP? If you are going out on your own, do you know the tips and traps that go hand in hand with signing guarantees? Or leases?
There is certainly a lot to think about if a change is on the horizon for 2017 and we are happy to help you to achieve your goals. Please feel free to give our Commercial team a call, even if you are just in the ideas stage and would like some general advice.