Retirement planning for business owners

It is important to plan for your retirement in a way that will enable you to live comfortably and, depending on your circumstances, either exit your business entirely (whether via a succession arrangement or open market sale) or simply take a back seat in day-to-day operations.

It may be that you need to start thinking about building a portfolio of investments to enable you to have the retirement you hope for. Structuring your business affairs during your working life in a way that permits money to be extracted and put towards your retirement in a tax efficient way will pay dividends in the long run.

If the sale of your business forms the backbone of your retirement plan, you need to think about who you are going to sell to, how much you expect to get and when, and what will happen if the deal you envisage does not come to fruition.

If you plan to retain an interest in your business, you need to think about how this will work and the income that you can expect to receive from your continued involvement.

For a confidential consultation

For a confidential discussion about your long term retirement plans ad implications for your business, contact Joanna Convey in our commercial team on 01782 577000.