Business succession planning
Get expert advice and support in succession planning for your business
As a business owner, it's easy to become consumed in day to day operations but it's important not to neglect your personal estate and succession planning. Our business succession planning experts can guide you through the process.
We can offer astute advice to help you make practical plans to secure the future of your business.
Once you've developed the business, a new dilemma emerges: who will run it after you, and what would happen if you or your business partner were suddenly unable to work or passed away?
You'll need to make sure that not only do you have a business continuity plan, but that any constitutional documents such as partnership or shareholders’ agreements provide for the various eventualities.
You need also to make sure that your Will and Lasting Powers of Attorney cater for the needs of the business and that you are maximising the benefits of tax reliefs.
With so many aspects to address, it's wise to start planning early. An effective plan is essential if you and your family are to get the most value from your business without unnecessary complications.
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What are the tax implications concerning business succession?
Selling or transferring your share in a business will be a disposal for Capital Gains Tax. Depending on what you own and your involvement in the business there are reliefs that can be claimed to mitigate this or on transfer you may be able to defer the tax payable. Selling a business will mean that you may be converting an interest that qualified for relief from inheritance tax into cash which does not. You may therefore want to consider cashflow forecasting and tax planning options before you with the sale process and work out how much of the ultimate proceeds you will need personally. Post sale you may want to think about setting up trusts or a family investment company.
How our business succession planning experts can help you
We can help you plan ahead by providing thorough, commercially sound advice, whether you're considering a third-party sale, a management/employee buy-out or family succession. We can look at this from the perspective of the business (to help you maximise its value and ensure that it is in the best position to pass on) but also in terms of your personal longer term estate planning.
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