I am thinking about retiring in a few years. Should I start to prepare to exit my business now?
We strongly recommend that you start making plans for the exit from your business as soon as possible. You will need to discuss this with your accountants and with us so that the exit can be tax efficient and fit the circumstances. Succession planning is very important so that you can maximise the income from the business before your retirement, or plan for your children to take over the business. There are a number of ways in which we can assist so please work with us as soon as you make a decision that you will retire or sell your business. We understand that if you set up a business and have been running it for years that there is the temptation to wait until the last minute but planning for the future is key.
If you would like help with this issue or a similar issue you can get in contact with Nicholas here.