Things change. Sometimes it’s a life event - and sometimes it’s as simple as just a change of heart. It’s important for everyone in your business to be in agreement - and when, not ‘if’, that inevitable change happens, you will all know where you stand.
Protect yourself, protect your business
Unlike large publicly listed businesses with hundreds, thousands or even millions of shareholders and stakeholders – private businesses are inherently simpler. But that just means that even the smallest change can have a massive effect on a business’ operations and long-term health.
From the beginning (although, better late than never), selecting a business structure that balances personal risk, compliance complexity and minimises your tax obligation, is a decision that will affect you in years to come. You want to get it right.
As the business grows, more and more stakeholders; staff, investors and vendors will begin to stamp their influence. Will you and your business be in a position to handle requests when senior staff members ask for a slice of the pie? Will you be able to successfully negotiate with investors to attract enough investment, but also not lose the entire farm?
Agreeing on equity, responsibilities and structure can be a balancing act of huge proportions. Everyone has their own interests at heart – and people have a ‘knack’ of changing their minds. Get clear about who owns what, who does what – and what happens if something unexpected happens. Our Business Advisory team has seen the good, the bad and the ugly! We’re in an excellent position to assist you.