Exit can be seen as quitting, especially if the exit discussed is your business interests.
But actually, business exit planning is an essential part of general business planning. In some respects, it is the most important aspect of business development planning as it shines a light on the timing and value you can expect when you retire.
Without a formal exit strategy, you may rush into a sale or dissolution of your business that undervalues its worth when you decide to hang up your business boots.
Hopefully, when you do retire, it will be from choice. But don’t forget there are numerous factors, ill-health and economic uncertainties for example, that may force you hand, and as we all know, being required to quit is likely to result in your business being disposed of at an undervalue.
Much better to start the planning process now while you still have choices. For example:
And should you be linking up with an agency to handle the sale for you?
And finally, what are the tax consequences. How much of your likely sales proceeds will you be able to keep?
If you have not yet considered these issues please call so we can consider your options.
06/09/2024 - More...
1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 - PAYE and NIC
05/09/2024 - More...
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time.
05/09/2024 - More...
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return
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