Succession Planning
As the leading accountants and business advisors in Newcastle, RMT has a wealth of experience in providing expert advice on strategic planning for the long term success of your business, including succession planning and business exit planning.
As an owner managed business ourselves, we understand the goals you want for your business and we have the expertise that can help you to get there. When starting a new business, not many people think about where they want to be in the long term and don’t consider succession planning or business exit plans.
Succession planning should form a key part of your overall business plan. Your business exit plan will have implications in the running of your business from the start. If you leave your business exit planning until it is too late, it can lead to difficulties in transferring ownership of the business within the time frame available. Lack of succession planning can risk the long term future and success of your business.
Knowing how you will exit your business and to whom and when ownership will be transferred to, will help you to get the most from your time with the business.
There are a number of options available when formalising business exit planning;
- Trade sale
- Management buy-out
- Family succession
- Stock market floatation
- Merger
- Shut down business
Why RMT Succession Planning?
It is important to seek expert advice for your succession planning. At RMT we have a team of experienced business advisers who will be able to give you specialist and practical guidance in relinquishing control of your business through business exit planning.
By developing a formal business exit plan and setting out a specific timetable of actions to be taken, you will have a clear plan of action and know exactly when and how you will be leaving the business. We will act as a ‘sounding board’ and bring an objective view to planning the ‘next’ stage in the evolution of your business. Formal succession planning also provides opportunities to identify any issues in the plan and adapt the strategy accordingly. By including succession planning in your overall business plan, there will be opportunities to review the long term objectives and actions to be taken.
Through succession planning, we will provide you with expert advice that can help you substantially reduce the tax you will pay in any sale of your business. We will also assist you in providing detailed financial information such as audited accounts and forecasts that will be required if you choose to sell your business.
Click here to contact RMT’s corporate finance services team to discuss your specific aims and objectives.