Now you have exited your business successfully, it is a good time to review your finances. Getting the right advice as early as possible means you are able to enjoy more of the proceeds from the sale of the business. In this article we outline the key things you will need to think about.
Selling your business usually provides the largest sum of money you may ever receive and it needs to provide for you and your family long term. To make the most of this consider seeking advice from a financial planner to protect your assets for you and your family while generating income for your retirement.
Your taxable estate will have increased substantially as it no longer consists of a tax-free business asset.
There are a number of ways to reduce your IHT. The options available to you will depend upon your personal circumstances.
If you find it hard to completely retire you may want to invest in smaller early stage businesses or property investments. It is common for entrepreneurs to take on non-exec business angel roles which can be managed tax-efficiently.
Allocate a fund to invest that does not put your newly realised capital at risk.
We can help business owners navigate through the whole sale process and beyond while ensuring that as the business owner’s wealth is protected. Whether it’s planning for your retirement, passing ownership of the business to the next generation or divestment of a non-core business, the importance of being prepared should not be underestimated.
For more information on how we can help support you throughout your business journey get in touch with Rebecca Durrant, your usual Crowe contact or visit www.crowe.co.uk/businesslifecycle