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Financial Planning

Succession Planning

Failure to make a succession plan exposes a small business to a number of risks. The most obvious is that the business fails when the owner is no longer around.

But there is also a real risk of the surviving shareholders/partners (such as your spouse or children) ending up with an unwanted new shareholder (or partner). Yet solid planning means your business is better protected should anything happen – providing greater security to your family.

Using a specialist also means you get to see the risks that your company is exposed to. And you can receive guidance on improving the efficiency of your firm in terms of its inheritance tax and capital gains tax obligations in the event of a sale.

Every business is different though. You might have specific questions like if two par-ties agree to buy each other out how will this be funded? And there are a number of other variables that need to be considered when selling a business such as:

• When to sell
• Who to sell to
• Is there a market/demand for your business
• The things to consider when selling to existing shareholders or partners
• How do you fund a sale to existing senior staff and when do you do it

Why Kirk Rice?

Your own dedicated financial planner will conduct a full business review and analysis. Only by getting a full understanding of your company – its ownership and existing succession provisions – can we make suitable recommendations.

Working alongside an in-house tax specialist, our financial planner will work out how to protect the financial security of your business. This will include mitigating its tax liabilities and conducting research to find the best providers.

As Kirk Rice is independent, we are not tied to specific providers either. This means we are able to consider the full range of products across the market. These might include products like shareholder/partnership protection, or cross option agreements.

You might also want to consider life assurance that provides funds upon death, for example – or an agreement outlining the terms for a sale/purchase of the deceased owner’s share.

We provide you with a report summarising the outcome of our review, including our rec-ommendations. If you agree to them, we take full care of their implementation. And from thereon, we’ll provide a full annual review if appropriate.

A no-obligation succession planning meeting

Each business and individual is different. So, you receive a no cost, no-obligation meeting with one of our financial planners. They will discuss your business circum-stances and objectives, as well as your attitude towards risk. That way, we can work out exactly how we can help.

Business Succession Plan Key Guide


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