Succession Planning
You might not be thinking about it yet, but at some stage you will decide to leave your business. You may decide its time to sell, or hand over to the next generation, you may retire or do something else. Whatever the reason, it is essential to plan early how you will exit your business, to ensure a smooth transition to the next stage of your life. Early planning ahead of time means you will have a plan in place to maximise the value of your business and can be useful if there is an unexpected event, such as illness or death.
A comprehensive succession plan should consider:
- the successor;
- family member(s), business partner, existing staff, other succession type;
- partial or full time frame key personnel changes and skill retention strategies restrictions legal considerations;
- buy-sell agreement, reference to a Will risk management communication strategy financial considerations;
- retirement income;
- sale price;
- tax implications.
Our advisors work closely with your solicitor and other professionals to help you explore your options and develop a plan that is realistic, achievable and tailored to suit you and your business. A carefully thought out business succession plan means you’ll maximise the return on your hard work over the years and leave on the best possible terms.