What Is Business Succession Planning?
Business succession planning is a complex but necessary process, whether you own a small business or a large corporation.
Succession planning allows you to safeguard your business and put necessary plans in place should you pass away. This includes identifying how the business will carry on in the most tax efficient way.
Ready to Get Started?
Our guide to estate planning is a great place to start, download it for free here.
Why Is It Important?
Your duty is to ensure that your business runs smoothly and at a profit, regardless of its size.
If your business affairs are not in order and something were to happen to you, your loved ones will find themselves in an uncomfortable position.
No one goes through the work of setting up a business without hoping that it will last, especially considering the risks and sacrifices many must make. Planning makes sure that everything you’ve worked for can be managed efficiently.
Having profits, a great business model and professionalism simply isn’t enough. Poor preparation can lead to many difficulties, including a significant loss in value.
Did you know?
Without the right documents in place, the following may happen:
- The wrong people may be in control of your business.
- Your business may be sold, and the profits become liable for inheritance tax.
- Business partners may not be able to buy your shares.
- Value of the business decreases.
- The survival and growth of your business could be threatened.
- If the business is family-owned, disputes may arise.
- Estate and income taxes could be higher than necessary.
- Others may end up making decisions for you.
- You won’t retain full control over the process
Our team is on-hand to ensure none of this happens to you. If you’re not sure what documents your business should have in place, please get in touch with one of our specialist consultants.
Ready to Get Started?
Our legal help is professional, affordable and our Estate Planners will look at your specific needs individually. We will ensure your service is tailored to you – every step of the way.
If you would like to speak to one of our Estate Planners to arrange your free, no obligation consultation, please get in touch.
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Email - info@redwoodestateplanning.co.uk
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Telephone - 01920 481299
Locate Us
Redwood Wills & Estate Planning, North Cottage,
Stanstead Road, Ware, SG12 8PS, England.
