Business Exit and Retirement Strategies
If you are the owner, manager or part-owner/manager of a business, you need to consider your exit strategy. Will you withdraw from the business, leaving it to the next generation, or do you hope to sell the business? If you intend to hand over the business, do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer etc.? Are you aware of the tax implications regarding the timing of disposals?
Tax savings on disposal of a business are significant, but they have to be planned for in advance. Conversly, the negative potential to pay more tax than necessary through lack of planning is enormous.
Everyone hopes to maintain the same standard of living in retirement that they enjoyed whilst working. However, to achieve this requires considerable forward planning, involving: savings, investments, pensions and life assurance. In addition the relevant tax consequences need to be considered.
