As we approach the end of the 2021, we thought it a good time to have a look back through the year and below we share with you our experience and insights.
For some sectors it was a challenging year, with ups and downs, highs and lows and this will spill over into 2022. For others, there have been significant opportunities for growth which, from what we are experiencing at present, will also continue into next year.
Succession planning, exit and solvent liquidations
We have seen a significant increase in the owners of mature SMEs commencing planning for the future. For some, this has involved setting up corporate structures to maximise benefits on exit. Others, while not yet ready to exit, have commenced and completed a vendor due diligence process so that when the time comes to sell, the business will be “sale ready”. For those who had been at the advanced stage of their exit journey, the outcomes have been a mix of businesses being sold to third parties, management buy-outs (MBOs) and transfers to the next generation in family-owned businesses. Our team have been involved in various elements of these transactions. In some deals, we have had both legal and advisory teams acting. So, for example, David Swinburne (Chartered Accountant) and his team have been involved in the structuring of deals, financial due diligence and/or providing transaction support, working in conjunction with our legal and tax team involved in both the tax due diligence and the drafting and execution of the transaction documents. In other deals, we have been involved in only certain elements of the transaction, working in collaboration with other third-party professional services firms. We have also experienced an increased uptake of solvent companies coming to a natural end via members voluntary liquidation i.e., through natural requirement of the founders or following the sale of the business and its assets. From the pipeline of transactions, we are working on at present we anticipate this trend continuing in 2022. e: davidswinburne@fitzsols.com
Start-ups and entrepreneurship
2021 has yet again been a busy year for new and emerging businesses across lots of sectors, not least technology. The ecosystem in Cork City, West Cork and indeed the wider Munster region has continued to evolve and expand, and we are delighted to play our part in it. It is vitally important for new business ventures to get off the ground on the right footing as it is always much more difficult to back track and amend matters which are not in order from the outset. We have also found from our experience in this space that stakeholders looking to get involved in new and emerging businesses as either a customer, supplier, employee, or debt/equity funder, are looking for proper governance, compliance, strategy planning and execution to be embedded in the business from the outset. We have been fortunate to work with connecting and advising founders in an array of business ventures which have bright prospects, and we look forward to supporting them further in 2022 and beyond as they continue to evolve. e: alansheehan@fitzsols.com
Energy, climate change and sustainablity
Despite what is happening in the broader economy, sustainability is at the heart of the future. We can confirm this from the ongoing matters that we are working on in terms of the development, disposal, and acquisitions of energy assets throughout the country. Investors and developers continue to progress existing deals and pursue new opportunities. e: seanoriordan@fitzsols.com
Property and construction
Property continues to play a key role in a lot of commercial and business transactions, and we have continued to see growth from both new and existing clients on the acquisition, development, and disposal of residential property. We have also had a very active year in our private client residential market from a mix of clients purchasing new properties, trading up and downsizing. From the volume of transactions in our pipeline, we anticipate this to continue in 2022. e: annmarietobin@fitzsols.com
Notary Services
Our colleague, Dr. Shane McCarthy, provides clients with a professional notarial service and we have experienced an uplift in demand for this service flowing from the increased foreign and international business being conducted between Ireland and overseas. Notarial acts generally have worldwide recognition, and a Notary Public is empowered by law to among other things; Administer Oaths, Authenticate documents, Witness signatures, Take Affirmations and Declarations, Witness Powers of Attorney as well as other duties. e: law@fitzsols.com
Family
The last 12 months have continued to place pressure on situations which had been fragile and vulnerable prior to the disruption caused over the last 18 months but have since become unsustainable. Arising from this, we have been involved in anumber of family law matters, which have significant commercial elements to them in the form of personal and investment assets and business interests. Resolving the complexities involved in such cases can be challenging and our multi-disciplinary teams across our practice from legal, tax and advisory have helped clients navigate their way to agreeing mutually acceptable outcomes for both parties in these highly emotional and sensitive cases. e: sineadmcnamara@fitzsols.com
Employment and GDPR
With the developments in working from home and hybrid working evolving, there are continued questions being raised around the impact on employees’ contractual entitlements, configuration of physical workspaces, childcare, employee entitlements, pension and other contractual matters. Intermingled with all of this are the obligations and concerns around the mobility of resources. The move to digital platforms and ensuring the continued security of data in the context of GDPR is a potential trap. Again, this is an area that will continue to evolve as we adapt to emerging new norms. e: melanieevans@fitzsols.com
If you have a query on any area outlined above or indeed any other legal or advisory matter which you would like to discuss with us, please do not hesitate to reach:
Sean O'Riordan | Managing Partner | e: seanoriordan@fitzsols.com
Alan Sheehan | Tax & Commercial | e: alansheehan@fitzsols.com
Annmarie Tobin | Property | e: annmarietobin@fitzsols.com
David Swinburne | Advisory | e: davidswinburne@fitzsols.com
Melanie Evans | Employment | e: melanieevans@fitzsols.com
Sinead McNamara | Corporate & Comercial | e: sineadmcnamara@fitzsols.com
Dr. Shane McCarthy | Notary Public | e: law@fitzsols.com
Trish Hynes | Family & Litigation | e: trishhynes@fitzsols.com
a: 4 High Street, Skibbereen, West Cork t: 028 21000
w: fitzsols.com