Legal structure should help not hinder family business strategy
“Wheels are made for rolling, mules are made to pack; I’ve never seen a sight that didn’t look better looking back.” Lee Marvin
A family business needs to have the right legal structure to progress successfully towards its destination.
The structure should enhance the implementation of the business’ strategy and not fight against it. Whether the choice of structure is a sole practitioner, partnership or limited company, the family businesses we come across have one thing in common. They are all structured to enable leaders to lead, managers to manage and customer-service teams to provide customer service. Their partnership or shareholder agreements all create clarity on roles and responsibilities and give those charged with delivering the strategy the authority to press on towards the destination without constantly looking over their shoulder.
O’Connors LLP is a Liverpool and London-based law firm that advises family businesses on new start-ups, structures, funding, mergers and acquisitions, contractual arrangements with third parties and insurance. For further information, please contact John Spofforth on 0151 906 1000 or via www.oconnorsllp.co.uk.