Succession and Exit Strategies

Succession planning is often overlooked by business owners until they want to retire or, just dispose of the business. If you are one of those who have not planned for this inevitable eventuality you may find a host of problems that make your exit harder to achieve or less financially beneficial than it could be.

• Do you have a Business exit strategy?

• Do you think of it as you do a Will – “I don’t need that just yet? Do I?”

• Structuring your Business optimally for tax efficiency on exit.

• What would happen to your Business if you died or suffered a critical illness?  How would your spouse or partner cope?  What if your business partner died and you were left with their spouse or business partner as a shareholder? Consider Cross-Option Agreements with linked life insurance policies.

• Does a member of staff want to buy you out or do you want to gift your business to your children?

If you have a Business Plan this should include your exit strategy and a Management Succession Plan. This should be reviewed regularly to make sure that it takes account of changes in your business, The Just Business Service Centre can guide you through planning your exit strategy.