Do you have an end game?

Written by Agnes Gondek, Manager 

Many business owners tend to not think about their succession until it is too late. Don’t wait for something to happen – for example, ill health, a partnership dispute, relationship breakdown, major clients or staff leaving the firm.  Be proactive and plan your end game. 

Whether you’re considering selling your business or passing on the baton to family member / staff, there are multiple factors that you may need to think about, such as:

• Your current business structure – not all structures are suitable for a family / staff transition; 

• Capital gains tax – there might be tax consequences on passing on your business to staff or family member as well as selling the business;   

• Your business value – have you ever checked if your business is worth as much as you think it is? 

• Degree of retained control – passing on full control is not the only option. Partial sales and over the period transitions are not that uncommon and they do carry different tax implications. 

• What’s up for sale – consider if all assets shown on your balance sheet are to be included in the sale. You may want to keep the cash, receivables, WIP or that artwork you have bought under the company name long time ago…

There’s no such thing as one-size-fits all when it comes to planning the future of your business. Our qualified team can help you develop a succession plan suitable to your circumstances.  

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