Succession planning

So you run a successful business, perhaps part of a partnership or multi director limited company and may never have planned for what comes next. Succession planning is all about building an ultimate exit strategy from your company to make the most of this important asset whether or not you choose to exit the business or are forced to.


If your fellow business owner is younger or older, you may have different exit timescales and we will work with you to implement ways of selling your company or shares in the longer term. We can assist each business partner build a pot of wealth that may be used in the future.


At Financial Fortress we have the experience to discuss ways of valuing your business, whether using a formula approach or a simple multiple of profits. We can make recommendations on types of agreements to put in place whilst explaining the differences and of course providing advice on the taxation implications such as whether entrepreneurs relief may be available and at what rate.


Another important angle to consider is what would happen to your share in the business should either partner or director suddenly pass away. Would the surviving partner like to have the family of their business partner becoming involved in the business? How would the surviving partner feel paying profits to their family going forward now they are doing all the work? Bear in mind their shares will usually be distributed to their next of kin.


At Financial Fortress we have the expertise and experience to plan for such events. Our advisers will challenge you to consider all options and recommend a suitable solution to make sure both the business partners and their families are fully protected no matter what. This may involve putting agreements in place stating what you would want to happen and underpinning these with either savings plans, life insurance policies or a combination of both. Policies taken may be eligible for tax relief, reducing further the cost of any plans entered into.

Tel: 01244 319962

Copyright 2016 Financial Fortress Ltd


Financial Fortress Ltd is authorised and regulated
by the Financial Conduct Authority. Reg no: 753489.


Registered office, 14 Horrocks Road, Chester, CH2 1HE.  Company number:  9180267.