Having built a successful business, and now reaching the twilight of your career, dealing with the succession of your business can be very daunting. Emotions can run high, particularly when discussing family business succession. It is natural that you want to see your business have a life after you, and for those succeeding you to want to receive appropriate reward for efforts.
It is important to plan your succession early to more seamlessly prepare the business for life after you. This includes identifying an exit strategy and potential successors that will give the business longevity. Being aware of a realistic valuation of your business and understanding the tax consequences of any sale or transition is essential.
BLG Business Advisers have been involved in all types of business succession situations and can assist small, medium and large business owners to make a successful transition. Talk with us about business valuations and tax planning strategies, through to general business, retirement and estate planning advice.