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21
Nov

You look after your business - how will your business look after you?

Posted on in Tax
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We all work hard to maintain and grow our businesses, along the way we :-

  • Earn income
  • Build personal wealth
  • Look after our customers, employees and other stakeholders
  • Work towards a succession plan to ensure no one is let down

We all leave our businesses and none of us know when this will be.

How will this impact you?

LBW's 4 stage strategy

1) Identify an outline of your plan, timing and requirements.

2) Encourage you to delegate, so you are not indispensable at the time of exit.

3) Measure personal welath each year to ensure you are on course for a successful exit. Review annually if you are tax efficiently saving enough personal wealth and accumulating assets that meet the plan.

4) Identify within 3 years the approximate timing of your exit and ensure you're ready. Consider the options. These include Sale, MBO, MBI, introduction and eventual passing onto family members or other means. Or a mixture of these that enable you to meet your objectives. Assessing the most valuable and suitable method of exit, including the tax effect, is key.

It is important that you don't forget about yourself and where you want to end up. Careful planning early on in your business with the addition of setting out your plans for exiting can prove vital in avoiding any unnecessary sizeable tax liabilities further down the line.

How does this tie in with LBW’s TAXSAVE approach :- 

At our pre end of year meetings we consider the overall strategy and discuss concerns with you to identify both short and longer term actions required to stay on track for the eventual exit to be as smooth as possible.

Tax reviews also help to retain as much wealth created as possible.

Find out more about our TAXSAVE initiative here.

 

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