Retiring from your family business is not an easy step to take, particularly if you have started the business yourself and have put your all into its success.

Many business owners build up assets in the business to rely on as their pension. Before planning your retirement you will need to consider your financial position and whether you have substantial savings, private pensions or other investments to see you through your retirement years.

Without careful planning and preparation there can be pitfalls when passing on the baton to the next generation.The longer you have to plan, the easier it is to decide the best approach, develop a successor and organise the business structure and finances in a tax-efficient way.

We are happy to work alongside your financial advisor or business mentor to devise the best strategy for your exit – whether it be a business sale, wind up or succession to your children.

You will need to consider Capital Gains Tax and Inheritance Tax when passing on the family business and also ensure that your personal affairs are in order so that you can relax, enjoy your retirement and try to remove yourself from the business!

For more information or to set up an exploration meeting to discuss retirement options please call Alec Brooks, our Company & Commercial Partner, on 01256 844888 or email alec.brooks@lambbrooks.com