Owner managed and family businesses will typically face specific issues generally not faced by large corporates.
As the family business evolves so too do the issues faced by the business owners. The overriding focus should be on ensuring the continuity of the business whilst at the same time ensuring that founders are adequately protected in terms of retirement. Just as all family members are different so too are the issues facing each family business. These can range from non-family members being introduced into the business, the next generation taking on management responsibilities and the desire of the founder members to retain ultimate decision making authority for a specified period of time. All of these issues can be effectively addressed.
Ultimately a decision may be taken to either transfer a business outright to the next generation, or else to opt for a disposal. In either situation, proper planning can significantly reduce your tax exit costs.
At Gara Ryan we have significant experience in working with family businesses both on day to day and in relation to wider succession planning issues.