Foresight is the essence of good business succession
You have worked long and hard to build up a flourishing business as a sole trader, general partnership or a private limited liability company. However, the continuity of your business requires a successor to be found, whether this be a relative or someone outside your family. Or maybe it is just a good time to sell up and enjoy your retirement. What both situations have in common is: selling your business in the short or long-term. Maybe you already have a successor in mind.
How can DCTL help you?
We can answer your questions about business succession.
- What are the tax implications?
- Do I actually have to pay tax and if so, how much?
- Am I free to determine the selling price myself or do the tax authorities also have a say in this?
- If my successor cannot pay the purchase price outright, what options are available?
- And if I am unable to sell my business in one go, is a phased sale possible?
- Can I retain an interest in the business and if so, how is this best structured?