In this day and age, we are always being told that the constant demand is for the next thing. So why does this approach not always carry forward to our businesses?
I was recently at a business event and I was asked for advice about the future. Now please don’t think that I am claiming to be able to see the future, I’m not - the question was one about business succession planning.
The financial reporting council has recently announced it is seeking feedback on board succession planning in a bid to support the next generation of directors for listed companies.
Most people know they should make a Will (and if you want to know more about the reasons why follow this link). However, many business owners and directors have families who do not necessarily want to inherit the business with all that goes with it. That’s where I come in.
There are many things we can do to help you prepare your business for your exit - be that 5, 10 or 50 years down the line and, the earlier you put the wheels in motion, the more you are likely to benefit, both financially (through mitigating tax liabilities) and personally (through sheer peace of mind).
UK company law offers a myriad of opportunities and options. The possibilities include creating share structures to allow for a managed handover, rationalising company structures to make the business more attractive to potential purchasers or ensuring key assets of the business are transferable. No two businesses are the same and what suits one will not necessarily suit another.
If you are interested in speaking to someone about how you can maximise your returns from a business which may have been your life’s work, quite literally, then call me today.
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