Passing on Family Business (Succession)
Timely succession planning is vital to ensure the family business passes on to the next generation with a minimum of disruption and cost. In addition to the change of management, transfer of ownership can also disrupt a business by triggering significant tax liabilities and financing costs.
We can assist in the smooth transfer of ownership by advising on the following:
- The optimum time to transfer ownership, (inter-vivos or as an inheritance).
- The optimum structure for the transfer of ownership e.g. share sale? company buyback of share?
- Financing a business transfer; how will this impact on the business.
- Calculation of capital gains tax, capital acquisitions tax and stamp duty payable on the transfer of assets.
- Minimising CGT, CAT and stamp duty by structuring transfer so as to avail of all appropriate reliefs.
- Ensuring smooth continuation of business by advising on suitable management / shareholders agreements for the next generation.
- Planning for sufficient disposable income for the exiting shareholders post retirement.
