FitzGerald Legal & Advisory is here to help SMEs with facing challenges and overcoming them.
Over the coming months, as the economy and businesses start to reopen, with supports being phased out, there will be challenges faced by businesses.
It’s never too early to start thinking about these challenges, and the team at FitzGerald Legal & Advisory is here to help SMEs with facing and overcoming them.
‘When someone comes to us, the initial step is to get an understanding of the business. That way we can understand cash-flow projection, where they are coming from and where they are going to’, says David Swinburne, Advisory Partner at FitzGerald Legal & Advisory.
Stakeholders, including employees, customers, creditors, suppliers, landlords and funders, all play a vital role in the survival of a business and each one needs to be looked at in terms of what changes can be made to ensure the business can survive.
Ongoing engagement with all stakeholders is key.
‘Look at your staff cohort, will the same number be needed when you reopen? You might have to make those hard decisions now’, says David, who adds that the team is always very honest with clients about what they need to do to survive, and they can help with both restructuring and redundancy processes.
It’s also a good time to work with creditors to come up with arrangements which will help with the survival of the business, and engage with landlords regarding rent, as well as funders regarding finance.
Engaging with these stakeholders can be complex but the team will work with you to guide you through the whole process.
Sinead McNamara is a Partner at the firm. She speaks of the importance of compliance and works with clients to ensure that it’s not forgotten about.
‘Compliance can sometimes go to the bottom of the pile when businesses are under pressure, but it’s important not to forget it. We work with businesses to ensure they remain fully compliant with their regulatory obligations’, says Sinead.
‘I also support clients regarding contractual obligations and legal issues such as rent, loan arrears, employees and redundancy situations’, adds Sinead, who says they always make sure their clients are ready for whatever might come their way.
The news of the development of a Summary Rescue Process, which is currently being worked on by the Department of Enterprise, Trade and Employment, is very much welcomed by the team.
‘This will be a game-changer for SMEs. They won’t have to go through the courts like they would with an examinership’, says David.
David and Sinead are advising all SMEs to start looking at projections now to give the business the best chance of survival.
FitzGerald Legal & Advisory has offices in Skibbereen and Lapps Quay. For more information, visit www.fitzsols.com or call 028-21000.