Have you thought about what happens when you want to retire from your business?
Will you sell it – or hand it over to a family member? Have you fixed a retirement date? Will you have sufficient income to support your retirement and provide for your family?
It’s never too early to think about your exit
It may seem a long way off at the moment, but the earlier you start planning the better. All these considerations need to be taken into account in preparing a strategy for business exit. After all, you’ll want to maximise your wealth at retirement or leave the business in safe hands and the timing of the sale could dramatically reduce your tax bill.
At Burgis & Bullock we’ll help you think about your exit and prepare a long term strategy. There are a number of options available that you may not have previously considered, even for the owners of smaller businesses.
What’s the best option for you and your business?
If you are the owner of a family business there are some specific questions you should ask yourself:
- Does my intended successor have the right skills and abilities?
- Does my intended successor actually want to take over?
- Is my plan fair to all family members?
- Does my plan minimise the potential for conflict?
- Will family succession be tax-efficient?
- Is family succession the best option or would an alternative exit strategy, such as a trade sale or management buy-out, be a better option?
Many of these questions are also dealt with by our Wealth Management team, Chapel Court Wealth Planning Ltd who will ensure that all aspects of the succession planning strategy are handled effectively.
How much is your business worth?
Are you thinking about selling your business or planning your retirement? If so, you’ll need to find out how much your business is worth. At Burgis & Bullock you’ll get all the help and advice you need to plan the sale and maximise the value. There are a number of options available – even for the owners of smaller businesses – that you may not have previously considered.