A well-planned success strategy will reflect the time and effort you have put into your business and help you achieve the most from its eventual sale.
Having spent years building up your businesses, you are likely to have concerns about your eventual exit from the business as it is difficult to entrust your venture to someone else.
However, with a succession plan, you can clarify what you want for the future of your business and take into consideration other expectations from a personal or business perspective, including your tax position.
Who should have a succession plan?
If you are a business owner, you should have a plan in place for succession.
Regardless of whether you plan to exit your business in three years or 20 years, it is important to be prepared now as you will save yourself unnecessary stress in the future when the moment comes.
While the eventual sale of your business is likely to be your end goal, you need to consider other eventualities for succession, such as long-term illnesses or the passing on of your company to family member or key employees.
What should your succession plan include?
Within your plan you should:
- Identify the key people who will be involved
- Ensure that they have the necessary skills and drive
- Discuss the timeline and key points of the plan
- Explore what actions you need to take to ensure your business is ready for your exit
- Confirm what you ultimately want out of your business
- Consider the implications of a sale on your tax position
A succession planning session with one of our experts will be a great way for you to consider all your options and prepare a strategy that helps you make the most of your exit from a business.
The more detailed and concise your plan is, the better position your business will be in for sale and succession.
For more advice on succession planning, get in touch.