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Business exit and succession can be a real headache if not planned properly

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 may seem a long way off at the moment, but business exit and succession can be a real headache if not planned properly, so the earlier you start planning a strategy for business exit the better. 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 Prime Accountancy Group we’ll help you to think about your exit and prepare a long term strategy. There are a number of options available that you may not have previously considered, and some of them apply even if you run a small business.

What’s the best option for you and your business?

And if you own a family business, you’ll want to know what’s the best option for you and your business. Here 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?