Sussing out your capable hands
When’s the right time to step back? That’s a difficult question to answer to be honest. Getting the timing right for both you and your business can be challenging. One thing we do know is that many people, unfortunately, leave it too late.
When you’re planning your retirement, it’s tempting to look no further than your managers. Any successful business needs strong leadership. It needs business leaders who are passionate, visionary and strive for greatness.
Have we just described your managers? If so, that’s great. The next step is to develop a succession plan to transfer your knowledge, hone their leadership skills and re-organise your affairs so that it’s done as tax efficiently as possible.
If not, then you might need to look outwards for some fresh blood. Here you’ll need an onboarding plan – one which works for you, your managers and the new leadership team.
Our succession planning services
Good tax planning is key. If it’s structured badly, your succession plan will cost you and your successors dearly. Our tax team has many years of experience dealing with succession. To do it well it takes time, so let’s talk sooner rather than later.
We’ve highlighted some of the benefits of early succession planning here:
Minimise your capital gains tax
Protect your hard-earned nest egg
Restructure your business to reduce risk.
Incentivise and reward the new leaders
Plan for the long-term
Much more
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