Running an automotive business is a full-time job, which means that it’s hard finding time to think about the future.
But part of building your automotive business now is planning for when you want to call it a day. That may seem a long way off, but the earlier you start planning the better – and that is where Milsted Langdon inBath,Bristol,Tauntonand Yeovil can help.
Every owner-managed business needs an exit and succession plan to pave the way for a smooth transfer of ownership, so that the automotive business you have worked hard to build continues into the future.
You may be hoping to leave your business to a family member. Or you may be planning to sell up for the best possible price, to ensure a comfortable retirement.
We will work with you to review your options and put the appropriate plans in place.
For example, if you want to pass on your business to relatives, they may need time to learn the ropes.
If you want to sell, you need to consider issues including valuing the business and finding a buyer, as well as how the timing of the sale could dramatically reduce your tax bill.
Though the time when you want to bow out may be years ahead, it is always wise to start exit planning as early as possible so that when the time does come, a strategy is in place to allow you to step aside with a minimum of stress and difficulty.
To find out how we can help you, please contact us.