Succession planning is about being prepared for when you retire, sell or hand-over your business.
All too often, business owners become immersed in the day-to-day operations of their business, and give little thought to a potential exit strategy. It is important to have a clear idea of what you want to do with your business, because it can fundamentally affect how the company should be structured, how it could be sold to gain maximum value, and what the tax implications may be.
SS TAX can advise on the various elements of succession planning and provide you with a clear, accurate picture of your company’s financial health and long term viability. We can work with you to develop a succession plan, and to implement the appropriate systems and processes, policies and procedures, that are critical when it comes to exercising your exit strategy.
Whether you are ending a partnership or intending to sell your business, SS TAX can ensure that your financial details are up to date and reflect the actual state of your business. This can streamline the transfer or sale and potentially result in a more valuable return for you. SS TAX can also advise you about the tax implications of the ultimate transaction, and most importantly, ensure that your business and personal assets are secure in the process.
Another key aspect of succession planning is contingency planning, and having a clear idea of what happens in the unfortunate scenario that the business owner or key employees dies, leaves the company or is unable to perform their duties for whatever reason. SS TAX can assess these risks and advise on the most appropriate course of action.
SS TAX can assist you with succession planning by helping you to consider:
- Your business plans and exit strategy
- Structuring for maximum return
- Business reviews and benchmarking
- Asset protection
Don’t leave succession planning until just before it is time to retire, sell or hand over your business. Contact Us to discuss how planning your exit strategy in advance can help you to get the most value out of the sale of your business, as well as ensuring that the process results in the most tax effective outcome.