In a recent interview* with Institute for Family Business policy director Fiona Graham, she suggests that SME plans for succession should be started as early as possible.
“Engaging the next generation, developing younger family members into responsible owners, and finding the right talent to pass on the reins of the business are all challenges,” Ms Graham says.
With 43 per cent of family firms not having succession plans in place, according to a 2016 survey, the danger is there will be no one willing to buy the business when it comes to retirement.
Whilst it may seem a lifetime away, it’s never too early to start succession planning. Exit planning should be part of an SME business owner’s long-term plan. And that planning should start now.
Our dedicated SME Support Team at Beavis Morgan works with individuals not only to set up their businesses, but to guide and mentor them through the various challenges of each business lifestage, whilst always seeking opportunities to reduce their tax bill, and enhance wealth accumulation and succession planning, in order to maximise your personal wealth and reap the rewards from all your hard work. We understand the issues that surround succession which can take many forms such as passing the business on to family members, a sale to staff, buy out of a retiring shareholder, trade sale or Stock
Exchange listing to name a few of the choices.
Our specialists are available to:
– Prepare the business for sale or flotation
– Value the business and its intellectual property
– Provide sales negotiation and completion
– Raise funds for buy-outs or buy-ins
– Act as reporting accountants on IPO’s
– Minimise exposure to capital taxes, by ensuring the availability of Entrepreneurs’ Relief
Whether you are selling a business or looking to buy, we are also able to provide specialist expertise in sourcing finance for SME businesses, enhancing cash flow liquidity and enabling successful transactions.
* Interview conducted by Anna Isaac for the Daily Telegraph, 22 September 2017