And finally we need to look at planning the succession and how to minimise taxes.

5. Scenario planning

In business, as in life, things rarely go exactly according to plan. That’s why your succession plan must be flexible enough to change when circumstances shift. This involves preparing for a wide range of contingencies – from a loss of leadership or unanticipated illness to ensuring you retain continuous access to the cash flow you need following your transition.

6. Minimising taxes

Depending on your country of residence, the tax implications that can arise on the transfer of shares can be significant. By structuring your transition in a tax effective manner at the outset, you can minimise both corporate and personal taxes. Family-owned business also can use this stage to provide for the family’s needs after their exit.

We will be updating our website and producing regular updates on a wide range of issues relating to succession planning but should you require assistance , at any time, please contact in strictest confidence Dave Clark on Dave.clark@gt-ci.com