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One major issue that faces every business is that of business succession.
What does business succession look like? It may be a founder passing a business on to one or more family members, selling out to a business partner or to a competent management team or perhaps it’s a trade sale to a strategic competitor.
For businesses, where the owner has to lead family members, partners, long serving colleagues or friends, relationships can be strained, sometimes to breaking point, in attempting to balance the responsibilities and loyalties as employer, owner, partner, family member or friend.
In attempting to implement a family business succession plan the difficulties are often more acute and they become very visible. The key is to prepare well in advance, to have properly considered and addressed each party’s fears and concerns and to develop a shared vision of what it will mean for everyone affected, how they will operate and communicate with each other and to what guiding principles they will all adhere.
Throughout his professional life Gerry McInerney has helped many individual business owners and their business partners achieve business succession. For the existing owner, utilising the full array of tax incentives, planning for tax efficient income to meet expected needs in retirement, advising on wealth management and Wills (to pass on wealth to the next generation) are all important parts of the process. Putting in place appropriate governance in the form of management structures, competent boards, shareholder agreements and family charters are vital for those taking over in a family business succession.
Our experience equips us to help you plan and execute a workable succession strategy that takes account of your needs and those of all relevant parties.
Have you planned your exit from your business and does it provide you with financial security?
....develop a shared vision of what it will mean for everyone affected, how they will operate and communicate with each other and to what guiding principles they will all adhere.