Offering you a helping hand when you have to hand your business on…
When you own your own business, planning your retirement is about far more than putting a private pension into place. You have to consider what will happen to your business when you no longer wish to work.
Do you want to hand your business on to a family member? Do you want to try and sell it? Who will you sell it to? Will they care for your business the same way that you do? What is your business worth? Is it worth enough to fund your retirement? Is it actually worth anything at all to a third party? We can help you answer these questions and any others that you may have.
Whether you want to keep your business in the family, or sell it on to the current management, or negotiate a trade sale to a competitor, you will want to be certain that your successor is capable of running the business and able to raise the finance. You will need to think about staging your departure and the training your successor might need to undertake to enable them to competently take over the wheel. If you decide that your business is worth more to you in your retirement if you close it down and sell off the assets, you will have to deal with the fall-out from the consequent loss of jobs. Whichever way you go, there’s a lot to think about.
But we can take some of the pain out of the process…
We have the experience and know how to explain the pros and cons of all of the succession and retirement options available to you. We can help you to anticipate the challenges you will face along the road to retirement and will ensure that your exit strategy is planned sufficiently well in advance of your anticipated retirement date.
If necessary we can help you to engage with specialist business transfer intermediaries who can help to streamline the transfer process, afford you a certain amount of anonymity and help to resolve any internal or family related disputes that may arise during the transition.
At Clarity we believe that the key to a successful retirement exit or transition is effective planning and clear communication. If you come to Clarity for retirement planning advice we will make it our business to make your business work for you when you no longer work for it.