In my experience, there is no such thing as a standard business succession plan. The very nature of handing over the reins of a company you have spent years, or even generations, building means there are a number of unique personal and business considerations which make each succession process very different. Whether you want to keep the business in the family, sell to someone in your industry, or introduce external investors, there is a range of important decisions to make that will determine the best choice for your future and that of the company. Firstly though, I believe the most important thing of all is to have a clear and adaptable strategy in place before any action is taken. This strategy will set out all aspects of the business and how they will be dealt with before, and during the succession. It should consider things such as the impact of valuing different areas of the company, the pros and cons of different types of sale, the tax implications and types of relief available, and, perhaps most importantly of all, how to communicate and engage with your staff, management, customers and connections on what the future holds for the business. In the current global climate, there are new, and previously unforeseen, challenges for businesses and I have seen many owners wanting to discuss succession for the first time as a result. With Government support for businesses changing to react to these events and industries adapting in different ways, it is crucial that business owners understand how succession might work in the future, rather than focus simply on how it might have worked before. This needs the right advice. In this guide, we will look at the most important areas to consider when creating your strategy, what options you have available and their financial implications, and how to get the most out of the support from your advisors whenmoving towards the sale itself. We’ll also let you know howwe can helpmake the process smoother and more effective for you and the company.
Trevor Lake // Director
P4
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