Exit and succession planning
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’s never too early to think about your exit
It may seem a long way off at the moment, but the earlier you start planning the better. All these considerations need to be taken into account in preparing a strategy for business exit. 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 HFM 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, even for the owners of smaller businesses.
What’s the best option for you and your business?
If you are the owner of a family business there 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?
Informal and no-obligation chat available
For an informal, no-obligation chat about how we can help you prepare an exit or succession strategy, contact us or call now on 020 7917 9506