Gary Walker Wealth Management has launched a new guide to help business owners navigate one of the most important decisions they will face – how and when to pass their business on to the next generation.
From choosing the right successor and understanding what the business is worth, to protecting family wealth and managing the tax implications, the guide explores the key considerations for building a successful succession plan.
Gary Walker said: “For many business owners, the company they have built represents a lifetime’s work, so deciding what happens next is about much more than simply handing over the keys.
"Good succession planning takes time, and starting those conversations early gives families the best possible chance of protecting what they have built and passing it successfully to the next generation.”
What's in the guide
The guide includes:
- Choosing the right successor and preparing the next generation for leadership
- Understanding what the business is worth and how that affects succession
- Exploring the different options for transferring ownership
- Protecting family wealth and managing the tax implications
- Balancing the interests of family members, including those not involved in the business
- Planning ahead to give owners and their families greater flexibility and control
- Putting the right financial and professional advice in place for a smooth transition
With the best transitions often planned years in advance, the also explains why starting the conversation early can create more options for owners, their businesses and their families.
Click here to access the full guide.