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Most business owners focus on building and managing their day-to-day running, without planning ahead to the future. In the unexpected circumstance of the business owner falling seriously ill or even dying before their time, most have no plans in place in order to deal with their shareholdings.
At Gilbro Group LLP, we can help you to deal with this. We offer solutions ranging from estate planning to power of attorney arrangements, letting us take the stress out of your succession planning. We can help your business to carry on without interruption should a serious problem of this kind occur.
By minimising the potential negative effects, we can ensure your shareholdings quality for business property relief. If a director becomes seriously ill and is unable to contribute to board-level decision making, we can help facilitate the process allowing it to continue running smoothly.
The succession planning services we offer are:
- Stakeholder engagement
- Disaster planning for businesses
- Recovery programmes
- Wills and estate planning
- Lasting power of attorney/Power of attorney for business owners
- Cross-option and buy/sell agreements
- Critical path analysis
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For any business, their succession planning will more than likely incorporate stakeholders. With stakeholders on board, an organisation can prosper from valuable insight and opinions, in addition to financial investment. A business must have an effective strategic planning process to succeed, and these robust plans are best produced with stakeholder engagement.
Effective engagement with stakeholders helps your business adopt the stakeholder’s needs as company goals, creating the basis of significant strategy development. We can help your business with its strategic planning and stakeholder consultation, working with you to build and support ongoing engagement or implementing a process.
Disaster Planning for Businesses
Not all disasters can be foreseen; however, that doesn’t mean your business cannot be prepared. Surviving a disaster and ensuring your business operations run smoothly is a crucial corporate strategic objective, and a fundamental requirement for a business owner to consider.
Those who are responsible for management during emergencies need to rely on proven solutions in damage control. By allowing their business to have the relevant succession planning in place, the organisation will have the disaster recovery capability to recover and survive.
At Gilbro Group LLP, we have specialists who can guide you through the recommend requirements when creating a disaster plan. If any unanticipated issues arise, your business can be one step ahead.
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We have over 100 years of experience between The Gilbro Group LLP Team and have supported countless businesses through uncertain waters.
Wills and Estate Planning
It is a highly recommended planning strategy to get your Will drawn up sooner rather than later. Wills are no longer a once-in-a-lifetime document. It is far more common for people to create a Will as a young adult and amend their wishes as their life’s circumstances change.
Estate planning goes beyond creating a Will. A complete set of estate planning documents is considered to be your last Will, a Lasting Power of Attorney for property and financial affairs, a Lasting Power of Attorney for health and welfare, and an Advance Directive.
At Gilbro Group LLP, we can help advise and complete all the relevant paperwork needed to create your estate planning documents; helping to give you estate security in the future.
Lasting Power of Attorney/Power of Attorney for Business Owners
Suppose a business owner, otherwise known as the donor, is unable to make decisions concerning their business or lacks the mental capabilities. In that case, a Lasting Power of Attorney (LPA) is another way to future proof an organisation. In these circumstances, an LPA would allow the donor to appoint a suitable attorney to take over the decision making on their behalf.
In order to regain control, without an LPA, an application would need to be made to the Court of Protection to gain permission to appoint a deputy. However, this process can take months, and many businesses struggle to survive the wait.
Choosing a business attorney is not an easy process, and there are lots of factors that need to be considered. At Gilbro Group LPP, we have a team of experts who can advise you on how best to select an appropriate business attorney, as well as helping you through the process.
Cross-Option and Buy/Sell Agreements
Cross-option agreements are recommended as a shareholder protection policy in the event of the death of a fellow business owner and shareholder. It is essential to consider what would happen to the business if you or your co-owner passes away, as this is an integral part of your business continuity and risk planning.
These situations raise a lot of questions and uncertainties concerning the business and the beneficiaries of the deceased’s estate. A cross-option agreement, therefore, is advised to cover such circumstances.
Interested in learning more?
One of our talented and experienced team would be more than happy to explain in more detail how our Succession Planning could support your business.
Critical Path Analysis
Critical path analysis (CPA) is a tried and tested project management technique that requires mapping out every key task that is necessary to complete a project. They include estimating time allowances and how dependant certain tasks are on another. A CPA is, therefore, used to set realistic goals and deadlines as well as allowing the progress to be tracked.
Here at Gilbro Group LLP, we use CPA for our clients to help them put a plan of action in place, protecting their business’ future and removing any additional stresses when dealing with an unforeseen death or illness.
There are always businesses that need to restructure, whether this is due to the financial climate or business growth, or perhaps problems and unforeseen circumstances a little closer to home. All complex insolvencies or restructuring, involve many aspects and require wide-ranging professional support.
Our experience across many industries allows our experts to ascertain the key issues quickly and to help implement viable and sustainable solutions. We will work with your business to negotiate restructuring outcomes that balance the optimal solution of both financial and operational challenges.
For more information or to enquire about our short-term executive assistance, Call us today on 020 3641 8835, or you can send us an email to firstname.lastname@example.org, for more information about our succession planning services. Alternatively, you can send us your queries directly on our website by an enquiry form.