Practical Planning Solutions for Family Businesses
Starting a small business is like embarking on a thrilling adventure, filled with excitement, challenges, and boundless opportunities. However, this journey also comes with its fair share of legal complexities, and it becomes even more intricate when you’re balancing parenthood with entrepreneurship. But fear not, because we’ve got an event that’s tailor-made for ambitious family business owners and entrepreneurs like you!
Hosted by the dynamic duo of Parentrepreneurs Club and Pepperells Solicitors, the “Practical Planning Solutions for Family Businesses” workshop promises to be a game-changer for your business journey. In this blog, we’ll take you behind the scenes and reveal why this masterclass with Yasmin Khalil is an absolute must-attend event.
A Glimpse of the Event
📅 Date: Thursday, 14th September
🕒 Time: 10 am – 12 pm
📍 Location: Pepperells Solicitors, 17-23 West Parade, Lincoln
About Yasmin Khalil:
Yasmin Khalil, an esteemed Corporate and Commercial Expert with a wealth of experience at Pepperells Solicitors, will be your guide through the intricacies of business law planning. She’ll be sharing her insights, addressing common pitfalls, and equipping you with practical planning solutions that can transform your business.
Why You Shouldn’t Miss This Event
Launching and managing a business is an exhilarating rollercoaster, but it’s not all sunshine and rainbows. Legal complexities can lurk around every corner. Whether you’re a seasoned entrepreneur or just taking your first steps into the world of business, this event aims to unravel the mysteries of business law for you.
Here’s a sneak peek at what you can expect:
1. Choosing the Right Business Structure – Yasmin will help you navigate the maze of business structures, from Sole Trader, Partnerships to a Limited Company, ensuring you pick the one that aligns with your business goals. Each have a range of advantages and disadvantages and will suit different businesses requirements and goals.
2. The Role of Significant Parties – In the context of business, “significant parties” typically refer to individuals or entities that have a substantial influence, interest, or involvement in the operations, decision-making, or outcomes of the business. These significant parties can play various roles and have different levels of influence, depending on their relationship with the business.
3. Proactive Planning to Avoid Problems – In the fast-paced world of business, being proactive often pays off more than being reactive. One of the most effective ways to stay ahead of potential issues and conflicts is by having robust agreements in place. Directors Service Agreements, Shareholders Agreements, and Supplier Contracts serve as the cornerstones of effective business governance, providing the clarity and protection needed to navigate the complexities of the business world with confidence. So, if you haven’t already, consider these agreements as investments in the future success and stability of your business.
4. Securing your business legacy – planning for the future isn’t just about strategies and financial forecasts. It also involves ensuring the continuity and smooth transition of your business in the event of unforeseen circumstances. Business Wills and Business Lasting Power of Attorney (LPA) are two essential tools that can help protect your business legacy and maintain operational stability.
5. Family/Business Partner Disputes – Running a business with family members or close friends can be a rewarding endeavour, combining shared dreams and mutual trust. However, it can also be a breeding ground for conflicts that, if not addressed promptly and effectively, can threaten both your business and personal relationships. Forward planning is key, establish boundaries to protect personal relationships, encourage open dialogue and formalise agreements in writing.
6. Fostering a Harmonious Workplace – While employee disputes may be an inevitable part of the business landscape, they don’t have to be destructive. By promoting open communication, investing in training, and establishing clear policies and procedures, organisations can resolve conflicts efficiently and create a harmonious workplace environment. Remember, addressing employee disputes promptly and effectively not only preserves morale and productivity but also contributes to the overall success and reputation of your business.
7. Selling your business – Selling your business can be a significant milestone in your entrepreneurial journey. Whether you’re looking to retire, explore new opportunities, or simply move on to your next venture, the process of selling a business requires careful planning and preparation. To make your business as attractive and valuable as possible to potential buyers, consider key steps such as increasing profitability, identifying assets, making sure your accounts are up to date and tying up any loose ends. Put yourself in the shoes of a prospective buyer to gain a fresh perspective on your business.
By attending you’ll also have the chance to connect with fellow entrepreneurs, professionals, and experts from various industries. These connections can open doors to potential collaborations, partnerships, and valuable insights. Whether you’re seeking to expand your business, gain knowledge, or simply build relationships with like-minded individuals, this event provides a great opportunity to network and foster meaningful connections that can benefit you both personally and professionally.
Who Should Attend?
This masterclass is designed for:
• Individuals looking to make the leap into entrepreneurship
• Business owners and founders
How to Register
Registration for the “Practical Planning Solutions for Family Businesses” masterclass is simple. Visit the event registration page here to secure your spot. Early registration is recommended, as seats are limited. Tickets are £5, refreshments included with all proceeds donated to Acts Trust.
