When you start a business you may not be thinking about how it will all end. However, every business has a lifecycle and an exit strategy is a key element of any business plan.
Despite this, a great many business owners fail to plan ahead for the time when they want to exit the company.
Succession planning needs to start well in advance of your exit or retirement date.
Part of the planning process involves working with experts who can not only provide ongoing accounting, tax and strategic advice in the run-up to the exit but can also take on the role of lead advisor during the transition period.
A long lead-in also provides enough time to take the necessary steps to ensure you maximise Entrepreneurs’ Relief, which reduces capital gains tax (CGT) on the sale of your eligible assets.