At last, Summer is nearly here after a chilly Spring and long Winter. On the domestic front homeowners are tending the garden, flocking to DIY Stores and going to the local tip; the Spring Clean is in full flow as we skip into Summer.
But what about businesses? Many aren’t seasonal like the weather; there is no let up and the wheels of the machine don’t stop turning.
Andrew Watts, Real Estate specialist at The Wilkes Partnership has some words of advice for business owners.
“Once in a while it can prove useful for you to pause and take stock of where your business is, the direction of travel, the options available and decisions that need to be taken.
“By looking at the “Bigger Picture”, owners should not overlook potentially important legal factors that could have an impact on their businesses.
“Many owners employ staff, so employment contracts either need to be put in place, or reviewed, as legislation is ever evolving. Banking and other commercial agreements should also be reviewed on a regular basis to ensure they continue to be complied with, both by the business and any suppliers or customers.
“On the property side of things, where I practice, business owners should review what they have got and what they will need in the future. If the business has a lease, they should go through it to remind themselves of the terms: Is there a rent review coming up that they had forgotten about that could alter cash flow forecasts? Is there a break option in the lease? If the Landlord has a break option, is the business in a position to move on if it is taken up? If the Tenant has a break option, can it satisfy the various conditions of the break clause and is there time to exercise it before the cut-off date is missed?
“Freehold owners wanting to move to bigger premises may need to look at financing and other practicalities and if there is going to be a related disposal they should start to think about preparing the property for sale, both physically and the legal aspects too; reviewing statutory compliance and ensuring tax allowances have been taken advantage of. All of which should allow a smoother transaction.
“Whatever the type of business; by sector or size, it’s always a great time for a Spring Clean! Take time out to review Property, HR and Commercial aspects of your business. The Wilkes Partnership solicitors offers a full range of legal services to businesses.
For more information about how Wilkes can help you and your business please contact Andrew Watts on 0121 733 8000 or email [email protected]