FINANCE
BY DAVID ELLIS , CORPORATE FINANCE DIRECTOR , AZETS , MAIDSTONE
Planning for succession as well as growth : understanding your business exit options
WHETHER YOU ’ RE A SHAREHOLDER OR A BUSINESS LEADER , IT ’ S CRUCIAL TO PLAN FOR SUCCESSION . AS THE UK FACES THE THREAT OF A RECESSION AND CONTINUES TO EMERGE FROM THE PANDEMIC , THE LONG-TERM DIRECTION OF THE BUSINESS SHOULD BE HIGH ON THE AGENDA TO ENSURE FUTURE-PROOFING , AS WELL AS STRATEGIC CONTINUITY .
Despite this , succession planning can often be an overlooked topic . The pandemic has had a far-reaching impact , with more than two years of disrupted business , unpredictability , staffing challenges , supply-chain issues and negative implications for business funding . In our recent SME Barometer report , over a third of SMEs indicated they are pushing back plans to sell or retire .
Properly preparing your business for the future will allow you to maximise the value that you have built up , reduce unexpected tax liabilities , and realise a fair return for the hard work that you , your employees and stakeholders have put in . However , in our experience , this value can be eroded significantly if the business hasn ’ t been prepared for sale or exit at a sufficiently early stage .
Implementing a robust succession plan , demonstrable resilience plan and implementation timeline are crucial initiatives , requiring a focus on change management , communication and cultural alignment that must be actively managed . It ’ s imperative that you consider your options before you are forced to , or are facing , a distressed situation . It is never premature to be thinking about the future-proofing of your business and its longevity .
We have a number of updates on succession planning and the main exit routes to help ensure any transition is seamless . Please visit our website - www . azets . co . uk - for more information . Or , if you would like to discuss succession planning , please get in touch .
David Ellis Director Corporate Finance
T : + 44 1622 690666 M : + 44 7814 178052 E : David . Ellis @ azets . co . uk
Local offices : Ashford : 01233 629 255 / Canterbury : 01227 454 861
Maidstone : 01622 690 666 / Orpington : 01689 827 505 Sandwich : 01304 249 997
Accounting | Tax | Audit | Advisory | Technology www . azets . co . uk
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