Business succession planning from Diamond Financial
As Forrest Gump said ‘If you don’t know where you’re going, you’ll probably not end up there.’ This could be applied as much to your business strategy as a long distance run. The end goal of your business should actually be your starting point. This could be an exit strategy in which you may plan to sell up a few years down the line and use the proceeds to fund your lifestyle or else you may want to leave a legacy for your children and get them involved in the family business. Whatever you want your ultimate business goal to be you will need guidance and someone to work alongside you to make it happen. This is where Diamond Financial comes in. We are a team of Chartered Certified Accountants helping businesses across Scotland and we believe we bring a lot more to your business than just counting beans.
What are the key elements of succession planning?
There are various aspects of effective succession planning such as identifying who among the existing family members will want to take the business forward should you decide to call it a day or identifying and training and developing non-related employees. There are shared visions and goals to form, personal retirement goals and cash flow needs, a decision making process to develop including possible dispute resolution, tax implications upon sale or transfer of the business. The list goes on and it’s always best to seek professional advice.
Diamond Financial can help you put a complete and watertight plan in place for succession to give you the peace of mind you deserve once you achieve your personal goals and decide that it’s time to call it a day.
Call Diamond Financial now for advice in putting your succession plan in place for your business
If your business is in Edinburgh or further North and you would like to find out more about succession planning call Diamond Financial on 0131 222 9680, or if you’re based in the Borders, call our Duns office on 01361 884466