Building plans

My client is a builder who operates as a sole trader. His daughter has worked for him as an employee for many years and he is now thinking about taking her into partnership with a view to her taking over the business totally when he retires in a few years’ time.

Historically the business did make high profits but with the recession it is now struggling to survive.

However from my knowledge of the client I am confident (or as confident as one can be in the current climate) that the business will continue. Whatever goodwill exists is totally dependent upon the name of my client and his ability to do a good job for a reasonable price.

There is some plant and machinery worth about £100 000 but a substantial proportion of this is subject to hire purchase charges. Some of the plant is...