Forbes Solicitors
Corporate eNews  March 2019

What can SME's do to prepare for Brexit?

 

Court decision provides a mechanism for business continuity following the death of Sole Shareholder-Directors

 

Family Business: the emotive conundrum, do you grow, hand down or exit your family business? 


What can SME's do to prepare for Brexit?

With the Brexit deadline imminently approaching, how can you prepare your business for Brexit? This is a challenge facing every SME based in the UK that either sells internationally, has an international supply chain or relies on international workforce. SME's employ over 15 million people and account for £1.8 trillion of annual turnover. It therefore seems surprising that 64% of UK SME's have not made specific plans to prepare their business for Brexit. Despite the uncertainty surrounding Brexit, it is fundamental for SMEs to start to prepare for the possible risks they may face.

How to prepare?

  • Be Proactive
  • Review Your Supply Chain
  • Cutting Down on Costs and Alternative Funding
  • Review Your Workforce

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Family Business: the emotive conundrum, do you grow, hand down or exit your family business? 

When running a family business all aspects of growth and exit strategies still apply. However, exit strategies can, especially in longstanding generational family businesses, be emotive.

Growing your family business

Are you looking to take your business to the next level?

There often comes a point when family business owners want to start growing their business through either:

  • Mergers and acquisitions - purchasing another company or a company's assets to secure a larger market share, revenue and a more dominant position in the market
  • Partnerships - perhaps with distributers, dealerships or suppliers or someone that has other capabilities which you do not have that can extend your network
 

Court decision provides a mechanism for business continuity following the death of Sole Shareholder-Directors

The High Court has granted an exceptional order pursuant to section 125 of the Companies Act 2006 for rectification of a company's register of members, to replace a deceased member with the executor named in her will prior to obtaining a grant of probate.

Background

In many companies, an individual may act as both director and shareholder. In such circumstances the company's power to make decisions relies solely on that individual and consequently the company is left in a vulnerable position following the death of the individual.

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Forbes Corporate Department Shortlisted in 2019 North West Young Professionals Awards

Our Corporate Department have been shortlisted in the prestigious North West Business Insider 2019 North West Young Professionals Awards.

The team has been selected in the Young Professional Team of the Year category, with the winners due to be announced at The Midland Hotel, Manchester, on Thursday 4 April.

Wish us luck!

 

 

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