For many of our clients, the continued success of their business is important to them as they are keen that their family – and the others who will take over the reins of their business – can enjoy the benefits of a successful business long after they retire.
One aspect of this is to ensure that the financial aspects impacting upon succession – such as key man cover and pension and tax planning - are dealt with appropriately. As with most financial planning, the longer lead-in time to plan and prepare the hand-over of the business the more options you will have to consider and, as soon as you decide on who will succeed you in business, you should consider what financial planning needs to get underway.
In addition, our IFA team can draw on the expertise of our Corporate Law team to assist with any of the legalities which may also need to be considered.