Last Updated on 18.7.16 by Gorvins
Corporate-Commercial Solicitor Christian Mancier spoke to Management Today about the risks that small businesses need to prepare for if they are to succeed in the future. Starting any business is extremely hard work and there are always risks associated with every venture. Many of these, however, are preventable and are able to be mitigated with the right advice and expertise.
As an expert in the field, Christian spoke about planning for the future, in particular the lack of succession planning, which can so often cause unnecessary headaches for small businesses.
Christian said: “A properly thought out and documented succession plan is crucial. That includes considering both the business side of affairs and a last will, testament and inheritance tax position of the individuals involved.
“These problems can take an eternity to sort out and often involve lengthy, costly and emotional legal proceedings. Whilst these are going on the business usually suffers, sometimes to the point of insolvency where there is nothing left to fight over.”
You can read the full article here – Management Today: Five Risks Every Small Business Needs To Prepare For.