Succession planning in this form can simply be explained as protecting the interest and value that you have earned in your company. Many more people nowadays run their own company, or have an interest in a larger firm, which is the backbone to their overall financial plans.
It is about protecting what you have been working towards and most needs identified can be solved cost effectively and tax efficiently. You need advice and it needs to be watertight. We would liaise with legal and tax partners to ensure this.
This is applicable to all forms of company; large and small. As a sole trader, this may simply be providing for your beneficiaries when you and your company are no longer around or unable to run the business.
Mr C Muktar, Co-Owner, Wikijob
Or, for a company, putting in place assurance, tailored articles of association, trusts and option agreements, ensuring your share in the company will end up in the right hands and your beneficiaries will be compensated appropriately, in a tax efficient manner.
As a company director which would you prefer, your owners partner being involved in the day to day running of the company or them being fairly remunerated for you taking further control? Most companies don't have the funds available to enable this to happen. On that topic, how do you value your Company? We can help.
Succession planning may involve protecting against death, serious illness or long term incapacity and we can also look at company Death in Service schemes. This would facilitate the transferring and ownership of a business, to either existing shareholders or their beneficiaries.
Being experienced independent advisers in this area we will take the time to understand the way you operate and where cover is required most. Succession and Continuity planning are complimentary and we can create a tailored suite of products to protect your value.