Back to The Successful Sales Strategy
Proprietors involved in day-to-day management have little time to make strategic plans and if a business has been operated by the same proprietors for a number of years they may not consider it necessary to prepare up-to-date financial information. However, such planning and provision of good quality up-to-date information is critical, not only to achieve a full price (with appropriate tax management) but also to ensure financial security.
Some of the financial planning issues to be considered include:
- Preparing a comprehensive annual business plan which also considers your timescale for future exit.
- Undertaking a full review of pension arrangements prior to any share sale.
- Establishing or enhancing the funding of a self-administered pension scheme to reduce corporation tax charges prior to sale.
- The balance between salary, dividend, bonus and pension contributions leading up to retirement.
- A review of investment decisions made in prior years.
- Preparation of monthly management accounts to enable the above to be more easily assessed.
- Preparation of profit and cash flow forecasts.
- Personal financial planning: current personal financial position and structure, and planning for the future.
- Estate planning, wills, trusts and retirement plans.
Part Three - Property Issues