The COVID-19 pandemic has been a difficult time for businesses and leaders across every sector. While no-one predicted the effect that the pandemic would have, some businesses were more prepared than others. This unprecedented event has highlighted just how important it is to plan the future of your business, and even have the difficult conversations that no-one wants to have.
Paul Hardman and Bridget Juckes from our Corporate & Commercial team spoke to Business Leader about how businesses can make arrangements and put plans in place to protect their business interests and personal affairs for the future. They call it the ‘Business Life Plan’.
Watch the full interview here, or skip to the answers below.
- Would you say this is a good time to put future plans in place? And if so, where should a business leader start? (1:38)
- How do we deal with different types of shares and the people who hold them? (4:24)
- How important is it to have a Shareholders Agreement in place, and what other legal documents do I need? (8:55)
- What happens if a director or shareholder becomes incapacitated or dies? (16:22)
- When should I start thinking about succession planning and what are the key issues to consider? (22:29)
- Our final question of the day will be for Bridget. Once I’ve considered all the issues and made decisions about the future of my business, how do I bring all of the detail together, and do I need to involve a solicitor? (25:43)