Succession planning for businesses
Having your own business is a massive responsibility and often something you put your life and soul in to as you work each day. It is often said that my business is my pension, but how do you ensure that you can either sell it for the right price at the right time for you to retire, or ensure that the sale value is not important as you have extracted value throughout your working life?
Ensuring that you build up a nest egg alongside your business is essential through your working life to ensure that a sale of your business is not the only mechanism for you to retire. Making your business as saleable as possible and having the right personnel to take it forward as an entity is again a hard part of the management of your own firm.
Assistance is available from business consultants that we work alongside as well as the financial planning aspects to achieve maximum sale value for your business and ensure its survival as an ongoing concern for the next generation or new management team.
Regular reviews with a Financial Planner and Accountant can ensure that profits are extracted tax efficiently throughout your working life to ensure that a value builds up outside of the business. Ensure that you are conducting these and using the expertise available to you.
Calculating the income and capital requirements you will have at retirement will allow you to see any shortfall that will be needed to allow you to have a full retirement maintaining the lifestyle you want. A Financial Planner can assist you with cashflow modelling to paint a picture of future financial needs – just get in touch to discuss further
Please email or call Alison (07496 689 309) or Adrian (07725 343 815) for a no obligation review of your circumstances.