.jpg)
How far in advance should I start planning?
The more time you allow yourself, the better. Most people find it takes at least a couple of years to prepare effectively.Grooming the business for sale (see 13) may involve changing your business strategy: for example, to maximise short-term profits. Implementing the new strategy may take years rather than months.
Putting in place tax efficient strategies for realising your investment in the business may also require several years (see 15). For example, one option might be for your company to make sizeable contributions to your pension fund over a period of years.
If you will also be retiring from the business, there will be other issues to address. For example, you may need to find and train a successor to run the business, while also arranging your personal plans for retirement.
