If you are in business, you need to consider your exit strategy. If you wish to withdraw from the business by leaving it for the next generation  then a workable succession plan which includes  preparing for a smooth transfer of ownership is essential.

Statistics show that 60% of UK businesses are family-owned, yet only a quarter of these make it to the next generation.

If you intend to sell, have you thought about how you will value the business or find a suitable buyer? And how much do you know about the tax implications of the timing of disposals?

McBrides can help you to think in advance about what will happen to your business when you want to step down and put plans in place so this can happen. We even assist the process by facilitating meetings, taking the role of ‘honest broker’ and resolving disputes.

So if you want to pass on your business to family members, you need to look at their skills, abilities and wishes – as early as possible – to help you decide if this is the right option.

If there is no obvious family successor, you may need to consider a buy-out by your management team or selling to an external buyer. If your business is too small, or too closely linked to your own specialist skills to attract a buyer, you may choose to wind up the business and realise its assets.

McBrides has substantial skills and experience in this area. Check out some of our client successes in this area to read some real life stories.

If succession is on your mind, talk to us.