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A business born at home needs to have more protection in place than many others, as the very nature of a family business relies on the strength of the family. In the sad eventuality of a marriage failing, there are often hard feelings which can then impact on the running of a business. The value of a family-owned business is likely to be taken into consideration when negotiating a divorce settlement, therefore if both parties own equal shares, no matter who has done “more of the legwork”, then the value and income generated would be considered matrimonial property to be divided fairly between the parties.

With many businesses facing short to medium term cash flow problems due to the current crisis, good credit control practice has never been more important - both to assist with your own cash flow and to make sure that you have done all you can to get outstanding invoices settled by other businesses who are perhaps in trouble. It might be that a letter from a solicitor on your behalf will encourage some of those outstanding invoices to be paid, or perhaps at least for contact to be made about a realistic installment plan that works for both businesses.