When people think of new careers they typically think of a young person who has just left university. Increasingly, as our life expectancy increases, work situations become more complex and job security reduces people are making fundamental career changes later in life. After a job such as banking or trading on the Stock Exchange people may feel they have had enough of that high pressure life. Sometimes the change is forced on them by redundancy or “early retirement”. In such a situation people still feel they have energy to apply to something different and where they can decide to invest in a new venture.
I have seen this, amongst all age groups, from the middle-aged people accumulating a portfolio of buy-to-let properties to post retirement age individuals becoming involved in development projects to maximise their income in retirement.
Alongside this there has undoubtedly been an increase in the number of people leaving a traditional “job” to start up a new business. Frequently it is to make a business out of a passion. Many people who have taken this step have been hugely successful and have inspired others. It might be a restaurant, café, delicatessen or an upcycled furniture, craft or upholstery shop. There may also be a move out of the London area, with people seeking a new life in an entirely different environment.
These clients are usually sophisticated and experienced in their own field but may have little knowledge of what is required to set up their new business. I know they benefit from sympathetic help from a legal professional aware of the importance of this venture to them. I know how important it is to apply my greater experience to set out the processes they will have to go through to achieve their dream.
For instance a person setting up a restaurant may need advice on obtaining the landlord’s licence to assign the lease, consulting an accountant regarding the apportionment of the different elements of the purchase price because of the VAT implications. They may need help with taking a transfer of the Premises Licence and appointment of a Designated Premises Supervisor. If there are two or more partners how is the business to be held? What is best for them? What I am able to do is pick up on their enthusiasm and use my knowledge of the legal and other procedural requirements involved to help them to make their business a reality. I really enjoy this work and I believe it shows in the work I do.
The Commercial Property Team at QualitySolicitors Amphlett Lissimore at Bromley, Camberwell, Clerkenwell, Crystal Palace, and Raynes Park will be able to help you with your new start-up - your new project. We would love to hear from you.