We help you prepare for the future of your business. Our succession planning services assist in developing strategies for ownership transition, whether it's to family members, employees, or external buyers, ensuring your business legacy continues.
Thinking about the next chapter?
For business owners contemplating retirement or an exit strategy, planning the transition is crucial. At Wright Vigar, we specialise in supporting business owners through this intricate phase, crafting succession plans, valuating businesses and managing financial aspects for a seamless transition.
Your questions answeredPlanning for smooth business transition and succession
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Creating Succession Plans
Our experts assist in developing comprehensive succession plans, ensuring a smooth transition of leadership and preserving the business's legacy.
Business Valuation
We conduct thorough business valuations, providing accurate assessments of your business's worth, aiding in informed decision-making during the transition.
Managing Financial Aspects
We help manage the financial intricacies of the transition, ensuring tax efficiency, asset transfer and financial security throughout the process.
FAQs
What Are the Different Options for Exiting the Business?
Exit options include selling the business outright, transferring ownership to family members or employees, merging with another company or liquidating assets. Each option has unique financial implications, legal complexities and tax considerations.
How Can We Determine the Value of Our Business for Sale or Transfer?
Business valuation involves assessing various factors, including financial performance, assets, market conditions, future potential and comparable sales. Valuation methods such as income-based, asset-based or market-based approaches help determine a fair value.
What Factors Should We Consider When Choosing a Successor or Buyer?
Factors include financial capability, strategic alignment with the business, management expertise, cultural fit, commitment to growth and potential impact on employees and stakeholders.
What Are the Tax Implications of Different Exit Strategies?
Exiting a business can trigger Capital Gains tax, Inheritance Tax or other taxes depending on the chosen strategy. Accountants can explain how each strategy impacts tax liabilities and recommend tax-efficient exit plans.
What Are the Steps to Prepare Our Business for Sale, Including Improving Its Financial and Operational Performance?
Steps include enhancing financial records, reducing unnecessary expenses, increasing profitability, optimising operations and strengthening customer relationships to make the business more attractive to potential buyers.
What Role Can Due Diligence Play in the Transition Process?
Due diligence involves a comprehensive review of the business's finances, operations, legal status and potential risks. It helps both buyers and sellers evaluate the business's condition, identify issues and mitigate risks before finalizing a deal.
How Can We Ensure a Fair and Accurate Valuation of Our Business During Negotiations?
To ensure a fair valuation, businesses should substantiate their valuation using credible financial data, market comparisons and a clear presentation of the business's strengths and potential. Professional advice and transparency are key in negotiations.
What Financial and Tax Considerations Should We Account for in Our Personal Retirement Planning?
Personal retirement planning after exiting a business involves managing proceeds from the sale, optimising retirement accounts, minimising tax liabilities, estate planning and ensuring a sustainable financial future.
Partner with Wright Vigar
Partner with Wright Vigar to secure your business's legacy through meticulous succession and exit planning. Experience our personalised approach coupled with expert guidance, ensuring a smooth transition for your business.
