Succession Planning - Plan ahead to avoid problems
When businesses are running well it is easy to ignore succession planning. But strategies for managing succession need to be planned in advance. If this is left too late, the business could be highly exposed - leaving high capital gains and inheritance tax liabilities, under-skilled management, possible under-investment, inadequate pension provision or insufficient insurance protection.
Succession planning is the process of identifying and preparing suitable employees to replace key people within an organisation.
At Alexanders our experience in succession planning can help business directors put in place a number of strategies to enable:
- an increase in the value of the business
- building personal wealth through investments and pensions
- passing on the business to family members, managers or third parties in a way that will enable the owners and directors to realise their personal wealth
- protecting the business from the loss of key people
- motivating and developing the capabilities of the future management team
- ensuring that the business is correctly structured to take advantage of allowances and grants, and also take the opportunity to mitigate inheritance and capital gains tax.
Succession planning takes time and should be periodically reviewed as a business evolves. Please call us to discuss your plans. We will be pleased to help and advise.
Call us now on 01737 779500.