Succession Planning

We are particularly interested in the area of succession planning and advising clients on appropriate exit routes from their business. Many small businesses are established by entrepreneurs who work extensively in their businesses for many years. They may, however, find it difficult to realise the ultimate value of that business, often leaving it too late to consider an exit route and therefore little planning is carried out.

Business owners should consider succession planning for a number of reasons:-

• To minimise their eventual exposure to capital taxes
• To realise the maximum value from the largest single asset which they will ever be likely to own
• To secure the continuity of the business after their retiral, either to protect the continuity of employment for staff members or to provide security for younger family members

Our services include:-

• Discussing the hopes and aspirations of the business owners at an early stage to identify the strategic planning issues
• Considering the market in which the business operates to identify whether there is any likelihood of a trade sale or whether value can only be maximised by some form of management buyout for example
• Considering the tax issues relative to the exit planning and advising at an early stage on the structure which will optimise the taxation position
• Advising on the changes which the business will require to make over a medium to long term period to maximise its sale value. This may include the improvement of internal control systems, the quality of management expertise etc

Please contact either John O’Hara or Lynne Doak for a free consultation to discuss your requirements.