The Commercial Team have come up with six tips to share with you for the New Year following our experiences over the past year. Follow them to help your business run smoothly.
- Successful collection of long term debts can be made so much easier if your terms and conditions are up-to-date and compliant with current legislation
- Take data protection seriously and carry out the fundamental steps of registration, adopting a data protection/confidentiality policy and implement rolling training/monitoring procedures
- I’ve been involved in a lot of business sales this year and, if I was going to offer one piece of advice it would be to get all your paperwork in order before the buyers start the due diligence process
- Company share buybacks are a minefield and if the procedure is not followed perfectly then the whole transaction will have to be redone. Make sure that if you are buying shares back from an exiting shareholder you consult a solicitor with expertise in this area
- I’ve been involved in a number of cases this year advising businesses on how to protect their Intellectual Property. It is amazing how businesses only think about the value in their tangible assets and forget to protect their interests in intangible business assets such as intellectual property. Intellectual property will often be valuable to a businesses brand or the daily function of the business, and there are ways to protect these assets
- Seek legal advice on the terms of your contract from the outset to ensure they are clear. Reliance on clear terms is more effective and potentially less costly to your business
We hope these tips come in use to you. If you would like any further advice please contact a member of our Commercial Team