Business succession planning

Business owners often have a substantial portion of their personal wealth tied up in their business. With so much focus required to grow and run a successful business it is not surprising that many business owners do not find time to consider the following basic questions:

• Who will / could buy my business?
• How much is my business worth?
• How and when should I prepare my business for sale?
• How will I realise some or all of the value from the business for my retirement? What are the tax implications?
• What will happen if something unforseen happens to me between now and my expected retirement?

A typical response to questions like this is “My children will buy the business so I can retire. If something unforseen happens they will inherit the business.” Whilst that is a fair enough response, business owners should go further and ask the tough questions:

• Do my children have the skills, experience and resources to take the business further?
• Will the demands of the business place pressure on my children’s family? Running a business is not for everyone.
• Do my children want to inherit the business or would they prefer to be “bought out”?
• What kind of strain would a debt funded “buy out” put on those children who stay involved with the business?
• What happens if I suffer an unforseen event before retirement? Will the business survive? How does my partner fit into the business if I pass away?

There are many specialists involved in a well-executed business succession plan. Trilogy can assist with protection strategies for involuntary or insurable events. We can also connect you to a business advisor to plan a voluntary strategic exit.

Please note: neither Trilogy Financial Group nor the licensee GWM Adviser Services Limited shall be liable for the provision of advice and services provided by a third party.

Personal succession planning

Here at Trilogy Financial Group, we believe it is vital that our clients plan for the future and put strategies in place to protect their personal assets from unforseen and unwanted circumstances in order to ensure the preservation of their wealth.

Our goal is to help you attain your key outcomes for the future and to make sure transitions are tax effective, flexible and provide you with peace of mind and financial certainty.

Gone are the days of just having a will in place to protect your most important assets and intentions, so a holistic view should be taken to ensure your intentions are fully carried out after you are gone.

Contact Trilogy Financial Group now for a cost and obligation free consultation to discuss your personal succession planning.