Looking to your future: Business succession
Whether you want to safeguard the future of your business with a smooth transition to family, are planning for retirement or updating your will, it makes sense to understand your worth. Land and property values have increased significantly, so your assets are likely to be worth more too.
Succession planning is not just about working towards your retirement, it’s about protecting and making the most of your assets for the future. This is applicable to owner-occupiers and tenants equally, and in both cases it is not just something to consider if you have family to pass the farm/ business on to. So, is it time to consider some key points?:
Timing: It’s critical to act early. With so much at stake, you can not leave it until your 60’s – especially as land and property values have increased.
Advice: Seeking professional advice at the start of the process means you have pragmatic external support to navigate the complexities and help you communicate effectively with family/heirs
Value: Know your worth – a valuation is a good starting point. You can then gather your thoughts and sit down with family to discuss plans.
Options – Early conversation can allow for ‘younger’ ideas to be incorporated – especially if you need to share your estate amongst siblings who do not all wish to farm. How will land be split: Farming? Diversification? Development? Sale?
Impact – Consider the tax implications for everyone – IHT/ agricultural property relief