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Glossary of terms used on this site

There are 73 entries in this glossary.
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Term Definition
Legal Liaison

(BSR Analysis element) the work carried out by the consultant when required to brief solicitors, some family members and some current advisors to ensure the instructions are accurate and detailed enough to carry out the full intent of all parties. To source and collect any material needed by the solicitor and to meet and brief family members if required. Legal instructions are embedded into a Business Succession Report and are developed as part of the succession planning process.


Generally occurs when the creditors of the company pass a vote to have the company liquidated. It applies only to companies.

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Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.