Do you have a Business Life Plan? GL Law look at why business owners should plan for the future

Paul Hardman, Director & Head of Commercial & Corporate Law at GL Law, considers the stages for business owners planning for the future. 

GL Law specialises in helping family businesses plan for the future. Our Business Life Plan is for business owners, directors and shareholders, whatever stage you are at in business and in life.

The daily operations and demands of a family run business can be very distracting and often time consuming. However, it is vital that business owners find time to assess the future of their business and their personal futures.

Have you thought about how will you hand the business over to other family members? What would happen if you became ill or had an accident and lost the capacity to run the business? These are difficult questions to consider but leaving it too late could be detrimental to the future success of your business.

The Business Life Plan

To preserve your business reputation and the wealth it has accumulated you will need to think strategically. The Business Life Plan helps you work through each aspect of planning for the future, taking into consideration your individual circumstances, and provides a solution that protects your business interests and private assets.

How does the Business Life Plan work?

Our team of expert solicitors will review your current situation using the Business Life Planning questionnaire, and make recommendations that are tailored to suit you, your business and your family. With a combination of corporate and private client legal experts on hand, we take a personal approach and consider all aspects of your life.

We will help you with:

• Documents that will protect your rights within the business – including Shareholder and Partnership Agreements
• Business succession planning – shares, investments, employee share schemes, family businesses
• Personal wealth protection – Wills, Powers of Attorney, estate planning, trusts, inheritance tax planning, insurance and asset protection
• Retirement planning – restructuring business assets, pensions, tax planning
• Legacy planning – foundations, charities, trusts and family investments

Expert legal advice

Knowing that you have prepared for a time when you are ready to slow down or forced to stop working will give you peace of mind. With a clear understanding of your end-goals and the knowledge that your future is protected, you can focus on running the business.

Our team of expert personal and business solicitors work together to ensure that you have the security, certainty, and support to make clear plans for the future.

Find out more about the Business Life Plan by calling 0117 906 9400 or email hello@gl.law

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