Owner Managed Businesses
What is an Owner Managed Business?
An Owner Managed Business (or OMB) is any business, be it a sole trader, partnership or company, where daily management rests on the shoulders of the people who own the business, unlike large corporate organisations where the line between management and ownership is distinct.
The overwhelming majority of businesses in the UK are OMB’s, and collectively contribute more to the economy in terms of employment and tax revenue than large corporate organisations.
As an OMB itself, Woodfines’ lawyers understand and empathise with the challenges faced by OMB’s and their owner-managers. We aim to use our experience to provide you with an effective and knowledgeable service, to help you continue to concentrate on the daily needs of running your business.
How can we help?
For any business to succeed and reach its full potential, the owners need time to focus on the fundamental strategic and operational issues, and not be distracted by dealing with legal problems. There are a number of areas where Woodfines can quickly alleviate this pressure, leaving you with the time you need to focus on your business, including:
- Commercial agreements and contracts: We deal with most types of commercial contracts, and can, for example, review your commercial agreements and practices, or check that your terms and conditions of supply are up to date.
- Business Structure: Do you need a partnership agreement, or maybe you are looking to buy out your business partner or sell your business? We have extensive experience in managing all business structures and can advise you on the necessary steps you need to take in all scenarios.
- Employment: Our employment law support service can help you to deal with employees, and understand your legal obligations surrounding issues such as holidays, maternity or paternity leave, pensions, disciplinary actions or dismissals.
- Property: Our specialist Commercial Property team can advise you on all manner of property issues for your business, including taking out your first lease, or exiting a leased property and the liabilities attached to this.
- Intellectual Property: We can advise on the value of your intellectual property, and support you in taking steps to protect it.
- Business Protection: Our Business Protection team have the expertise to provide you with specialist support to help you to recover confidential data or information taken by others.
- Debt Recovery: If you experience issues with a supplier or customer not paying their bills, we can provide specialist support to help you recover any monies owed.
- Dispute Resolution: If you find yourself in a commercial dispute, or that you are sued yourself, we can advise on the most effective methods to resolve the issue.
Your business and you:
For any OMB, business is almost always personal. Our dedicated team of Private Client lawyers can help advise you on how your business assets can be most efficiently held and protected, and assist you in making plans for the future, including ensuring your Will is up to date and relevant to your business, and that you have a Lasting Power of Attorney in place, in case you found yourself in the position where you could not manage the business following an accident or illness.
For further advice:
To discuss how we can support your business, get in touch. We are happy to review your needs and are committed to delivering value to you and your business by considering the most suitable options.
To arrange a initial consultation, please contact our OMB team.