If you were unable to keep managing your business, would it be able to continue to trade and prosper?
What if your business partner or another business director was to die suddenly? How would you cope?
And what if you were to die suddenly? How would your family cope?
Or are you just looking to sell out or exit and retire?
You have grown your business diligently and now your mind turns to collecting your reward. Achieving the best return from your business requires the same diligence it took to grow it. So how can you ensure the best reward for your efforts?
Death, disability, illness and retirement are not always predictable. Succession planning protects your business, its assets and its value should the unforeseen occur.
A succession plan may comprise of a number of strategies to ensure that the business enables management to succeed and for the business to continue to be in good hands long after the original founder/s have gone or moved on.
Sadly, too few small to medium businesses have succession plans in place, should the unforeseen happen and the business founder/s are no longer in a position to run their business or they want to sell it or retire.
Waterford Accountants can help you to implement succession strategies to suit your business.
Complimenting our succession planning service, Waterford Accountants also provides tax planning advice for family businesses and larger businesses with potential management buy-outs.
By providing commercial and viable tax effective advice on succession plans for such businesses; all parties develop a clear vision of the process. This enables a smooth transition for one generation to cede control to the next, taking into account funding arrangements, taxation outcomes and agreed changes of control.