Whether retirement is 30 years away, just over the horizon, or not in your game plan at all, a succession plan is vital to ensuring the continued success of your business as well as securing an income for your retirement.
Before the pandemic, succession planning was often seen by business owners as an important but not pressing action they should be undertaking. COVID-19 should have moved the issue to the top of their agendas.
Why is a succession plan so important?
Life happens—and unless you have a plan to deal with the unexpected, the business you worked so hard to build could crumble if you become disabled, die, get divorced, or decide to split with your business partner.
A good succession plan can help:
- Transfer ownership when the time comes
- Maintain your lifestyle in retirement
- Provide for your heirs financially
- Reduce the tax implications for you and your family
- Prepare the business to handle unexpected events
Think of a succession plan as peace of mind for the business you’ve worked so hard to build.
A good plan will need input from your accountant and a tax consultant. You might also want to involve experts in company structures and corporate finance, particularly if you need to value the business.
At DHKN we have all these specialists under one roof in our Galway office.
Expertise on tap to help you plan for you and your business’s future.
Contact Dave Hickey for further information.