"Understanding possible risks and taking steps to protect the firm can help ensure the smooth running of your business, come what may."
Anthony Wooding, managing partner at Kerseys
A FIRM of solicitors in Ipswich and Colchester is holding a FREE seminar to help family run businesses avoid legal pitfalls.
Kerseys Solicitors, which has an office in Lloyds Avenue, Ipswich, and Colchester Business Park, will give talks from four different departments to help owner-managed businesses protect their interests.
Kerseys managing partner Anthony Wooding said: “In any business it is important to plan ahead to avoid potential problems and conflict.
“Understanding possible risks and taking steps to protect the firm can help ensure the smooth running of your business, come what may.
“The talks are also aimed at helping owners to think about ways to step back from the business when they are ready – such as to take on new partners, retire or sell.”
The afternoon event will look at business contracts and leases, employing people, the impact of personal relationships on business, succession and powers of attorney and brining in new business partners – and selling your business.
Senior solicitors from the employment, family, private client and commercial departments will look at case studies and current laws to highlight best practice.
One speaker, Adrian Green, an employment law solicitor with over 14 years in the field, will look at when an employment contract exists and the legal requirements which follow.
He said: “You don’t need to have intended there to be an employment contract for one to exist.
“In fact, it may be determined that one exists even where the parties have actually tried to avoid having one.”
Relationship difficulties between family members can prove costly – with newspaper publisher Harry Lambert’s among the more high profile.
His divorce led to a pay out of over £7 million when his wife successfully claimed that her husband would not have been able to build up the business without her help.
Clare Thomas, who heads the family law department and is a partner at Kerseys, said: “A clear agreement between the relevant parties can help prevent both family and financial fall-out in the future.”
Only about one-third of family businesses successfully make the transition from first generation to second.
Leila Murray, who is a partner in the private client department, will look at ways to protect your assets – so your business may live on after you.
Corporate finance and commercial lawyer Adrian Chaffey will look at ways to ‘let go’ and make a business more secure and sellable.
· The family business seminar will be held in Colchester on April 25 from 4.30pm to 7pm. It will be held at The Enterprise Suite, Colchester United Football Club in The Weston Homes Community Stadium. For more information, visit www.kerseys.co.uk
· The family business seminar will be held in Ipswich on May 10 from 4.30pm to 7pm. It will be held at The Ipswich and Suffolk Club, Archdeacons House, Northgate Street. For more information, visit www.kerseys.co.uk