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BUSINESS SUCCESSION PLANNING

The Sunday Business Post’s ‘Company Matters’ segment deals with the sometimes thorny issue of succession planning for a small business. Beryl Power, senior tax manager in private company services with PricewaterhouseCoopers, advises small businesses who have been putting succession planning on the long finger while trying to manage their way through this current crisis to think again.

In a useful piece for any small business thinking (or even not thinking) of how to capitalise on all that hard work in building up a company, Power outlines what anyone thinking of packing up the tent should think about in terms of maximising the value of a business.

Passing it on to the next generation of selling it to a third party will have different tax and legal implications. And what about your own financial needs afterwards?

“There will be varying tax, legal and administrative issues, depending on your choices,” Power says. “If your preference is to pass the business to the next generation, rather than to sell, then current low valuations, combined with significant tax reliefs, may make this an attractive option.”

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