Succession Planning for Business Owners

As a business owner, it can be tough to think about what will happen to your business when you’re no...

As a business owner, it can be tough to think about what will happen to your business when you’re no longer around. It is important, however, to consider the future of your business and plan for succession so that your hard work and legacy are preserved. Soteria Planning offers advice through their estate planning services to help business owners with business succession. Lots of the advice we provide to our clients (business owners and non-business owners alike) is about lifetime planning and we’re firm believers of creating meaningful and long-lasting relationships.

For business owners, there are a number of important points to consider when planning business succession, including:

– Writing a business Will. A business Will is essential to ensure that your assets are distributed as per your wishes and any debts are taken care of. It is also worth bearing in mind that a business Will must be updated regularly to ensure that it remains up-to-date. When we refer to a ‘Business Will’ we actually mean making provision for your business or business assets in your Will. There is no such thing as a separate Will for your business.

– Thinking about a business succession plan. A business succession plan outlines the steps that are needed to be taken when a business changes hands, covering areas such as transferring ownership and assigning roles and responsibilities. We are firm believers in starting with the end in mind when it comes to business planning. This doesn’t have to be a morbid process.

– Planning for taxes. It is important to consider any tax liabilities that may arise as a result of the business succession. You should also think about any tax reliefs that are available to help with the transfer of ownership and any other costs associated with business succession. Often, we will work with your financial adviser or accountant when considering planning.

– Arranging for legal advice. It is essential to engage a professional such as the team at Soteria Planning when dealing with business succession, as we will be able to provide you with specialist advice tailored to your individual needs.

By planning ahead and considering all the necessary points, business owners can ensure a successful business succession. Soteria Planning is here to help, so please do get in touch with us if you would like to discuss business succession further. We look forward to hearing from you!