Our business law team comprises experienced lawyers drawn across disciplines from Corporate Transactional work, Mergers and Acquisitions (M&A), Commercial, Banking and Construction Law.
Supporting Entrepreneurs and Family Businesses
Our client base is drawn almost exclusively from the Entrepreneurial and Family Business community. We spend the majority of our time advising these business owners on business structuring, disputes amongst owners and transitional events, as well as supporting businesses on operational issues.
We are very experienced in family business advisory work which applies equally to entrepreneurs. We are one of the very few law firms in Scotland with deep expertise in this area and we focus on long-term, often cross-generational, relationships with our clients, rather than seeking a volume of transactional corporate work. Some of our solicitors act as experienced counsel to families and effectively sit as non-exec/independent chairs.
Expertly Handled Transition Events
We work with business owners who have put in the hard yards over a sustained period of time, and require advice on what to do with the business, how to resolve disputes with other family members, or a separation of business interests from those family members. The solution can and often does involve a disposal and we have substantial experience, particularly with a sale to private equity or overseas buyers. However, our advice is an objective assessment of all the options, often over a sensible time frame. Those other options typically include looking at partial exits, an Employee Buyouts (EBO), Management Buyouts (MBO) and Vendor Initiated Management Buyout (VIMBO), and bringing in the next generation.
Strategic Tax Planning for Business Owners
Turcan Connell’s USP as a law firm is the incredible depth of tax advice across these situations and our tax partners are often called in along the existing tax advisors to provide additional support on complex Inheritance Tax (IHT) and Capital Gains Tax (CGT) issues and philanthropy following an ownership transition event.
We have also built up specialist expertise in implementing the distribution of family businesses where there is a divergence in strategic alignment usually between siblings of a mature business. The difficult area beyond agreeing the commercials is avoiding triggering unwanted tax bills. We have completed a number of property rich demergers utilising the relatively new Capital Reduction Demerger route.
Comprehensive Legal Advice for Private Businesses
Our work with the business itself is equally broad and our lawyers are able to provide comprehensive support across everything a privately owned business will require – covering banking advice, commercial contracts, disputes, brand protection and IP/IT contracts and advice. The Business Law team works closely with our colleagues in employment, commercial property and litigation where appropriate.
We also have particular expertise in partnership law and complex Limited Liability Partnerships (LLPs) and joint ventures, particularly in the property and renewable energy industries.
If you would like to discuss our business law services in more detail with one of our experienced solicitors, please don’t hesitate to contact us.