Offered Directors Role

[demps]

Hi, myself and 3 colleuges have been offered directorship of the company we work for on retirement of the existing directors this year. We are a Private, Limited by guarantee, no share capital, use of 'Limited' exemption company that has been trading for well over 10 years. The company is on a sound footing as far as we can tell, though as yet we havnt been able to see any paperwork etc.(we are to be shown at our next meeting) We have all worked for the company for at least 2 years in various forms of management. We have a workforce of over 20 (salaried) people and have been told we are offered this due to our committment to the company ie we all work extra hours (our choice) and go that extra step for the benifit of all. We have also all been vocal at meetings as to how we see the company evolving in the future and all have good ideas on how to increase trading with the possibilty of creating more employment for the community.
My question is, is this to good to be true, has all the hard work paid off and should I/we take it?
Thank in advance

[seduraed]

Re: Offered Directors Role

take professional advice. Get someone qualified, to look at the books and check for things like "Directors Guarantees" which banks often want for company credit facilities. it may not be too good to be true as this is a relatively small company .

[demps]

Re: Offered Directors Role

take professional advice. Get someone qualified, to look at the books and check for things like "Directors Guarantees" which banks often want for company credit facilities. it may not be too good to be true as this is a relatively small company .

Thanks

[enquirer]

Re: Offered Directors Role

We are a Private, Limited by guarantee, no share capital, use of 'Limited' exemption company that has been trading for well over 10 years.

Limited by guarantee means that you should exercise extreme caution.

The company is on a sound footing as far as we can tell, though as yet we haven't been able to see any paperwork etc.(we are to be shown at our next meeting)'

As Seduraed suggests, get a professional to go through the books properly - there are accountants who specialise in business acquisitions and takeovers.

We have all worked for the company for at least 2 years in various forms of management.

The current directors are all retiring, and you've only worked there for 2 years, yet they are offering it to you on a plate?