Recent research indicates that one in three owner managers reach the age of 60 without any succession plans in place. Does this sound familiar?
We can’t stress strongly enough the need to plan well in advance, and if you don’t you are putting yourself at a serious disadvantage.
It is easy to underestimate the time needed to get a business ready for sale or to put in place family succession plans. For instance, it may be necessary to restructure the business prior to the exit event to achieve the best position.
The tax position also needs to be reviewed to ensure that that your proposed exit strategy is the most tax efficient and that all tax reliefs are available to the shareholders.
We are often asked to help when at the 11th hour the shareholders realise that they no longer qualify for entrepreneurs relief and that their tax rate is in danger of doubling from 10% to 20%. It can be very difficult to remedy this immediately. Most often a 12 month period is needed before any changes take effect.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.