When planning the future of your business, reliable advice is essential
The purpose of succession planning is to prepare for the eventual exit of key people from your business. The process involves identifying and developing individuals who will take over certain roles. In a family business or farm partnership, the successor might be a family member but this is not always the case. Depending on the business, the successor might be a member of the existing management team or a person recruited from outside the business. The key thing is to understand the role and choose the successor wisely.
There are also important tax considerations to take into account when developing your succession plan. Professional advice should always be sought as the taxes you have to pay will depend on the timing and structure of the succession. Depending on your sector, there may be tax reliefs in certain circumstances. These can be very valuable however there are terms and conditions and specific timeframes apply.
Our tax professionals have a wealth of experience advising SMEs, family and farm businesses on succession planning matters. Examples of issues that we can help you with include:
- Devising and implementing an effective succession plan
- Tax planning and compliance
- Retirement and pensions
- Personal finance and investment planning
- Valuations
- Acquisitions, mergers, disposals
- Funding and finance (including finance for your successor to buy out your share of the business)
To find out more about our succession planning services, please contact a member of our team.