Business Succession Planning
How to Preserve Your Business Assets for Future Generations
Hard work and dedication has meant that you have built up a sound business to benefit you and your family and naturally, you would want to ensure that your loved ones are provided for, in the event of your death. So what if you want to sell the business, or the worst should happen and either you or a business partner was to suffer a serious illness, or die?
Without the appropriate Business Succession strategies:
- Your spouse/partner and children may not inherit your share of the business.
- The business may have to be sold and the proceeds become liable to inheritance tax and capital gains tax.
- The proceeds from the sale of a business would be at risk from 3rd Party Claims such as divorce, creditors and Long Term Care Fees.
- The business may be vulnerable to any future changes to the legislation on Business and Agricultural Property Relief.
- Business partners may not be able to buy out the deceased’s share.
- The surviving spouse or children may be obliged to take over the running of the business.
- The value of the business could depreciate owing to the inexperience of a beneficiary.
