Business Succession

When it comes to retirement and realising the value of your business, it's crucial to engage in succession planning.

As a business owner, it's inevitable that you will eventually want or need to retire. Our team can offer you a thorough evaluation of the available options and provide insights on the most suitable route based on your objectives. 

Our goal is to minimise your tax liabilities and ensure a positive outcome for all parties involved, including you, your family, and any potential new management team or buyers.

During this process, there are several options that should be carefully considered, such as:

  • Sale to another shareholder
  • Company buy-back
  • Ownership transfer within the family
  • Trade sale
  • Employee buyout
  • Management buyout
  • Flotation
  • Closing the business

Each of these routes comes with various tax, commercial, and emotional complexities and consequences.

Where & when to start?

Our advice is to start the succession planning process early and give it the time that is needed, as opposed to the time that is left.

You may not have all the answers you need at this stage, but by taking some time to go through the initial questions, scenarios and 5-STEP planning process with us, you will have more of the answers you will need to progress your succession strategy as you contemplate life beyond work and running the business.

You can download a copy of the 5-STEP planning process here.

Even if you don’t begin immediately, you will at least be armed with the facts, and the financial impacts and have a clearer idea of exactly what needs to be done, by whom and by when to achieve a successful transfer and/or sale.

Derek Hanlan

Associate Director

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