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.
JPA Brenson Lawlor can assist in the smooth transfer of ownership by advising on the following:
- The optimum time to transfer ownership, between the living or by way of inheritance.
- The optimum structure for the transfer of ownership e.g. share sale? Company buyback of share?
- Financing a business transfer; how this may impact on the business.
- Calculation of capital gains tax (CGT), capital acquisitions tax (CAT) and stamp duty payable on the transfer of assets.
- Minimising CGT, CAT and stamp duty by structuring transfers so as to avail of all available and appropriate and reliefs.
- Ensuring the 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.