Exit Strategy and Succession Planning

Establishing and running a successful business takes hard work, determination and all your focus. At Old Mill, we understand that business owners and managers tend to concentrate on current activity, planning for the next three to five years rather than thinking about the long term.

But there will come a time when you want to enjoy the fruits of all that hard work, and at that point, will you sell your business or pass it on to your children? How will you identify if there is someone in the business now who would make a great boss? And how will you realise the value of the business most effectively to provide financial security for your future?

Working closely alongside our colleagues in our specialist Corporate Finance team can help you address these issues as part of your exit strategy or succession planning process. We have worked with many business owners for years, putting long-term plans in place to help them sell their businesses or hand over the reins to the next generation.

So while your focus may be on building the business, we can work with you now to ensure that your exit or succession strategy is in place when the time is right. The specialist exit strategy and succession planning areas we can advise you on include the following:

• Valuing your business

• Selling your business

• Passing the business down through the family

• Passing the business on to key employees or managers

• Tax planning advice around any business sale or succession.

Construction Industry Scheme (CIS)

Contractors and subcontractors working in the construction sector must operate within the Construction Industry Scheme (CIS). At Old Mill, we can assist both contractors and subcontractors in complying with the CIS legalisation and advise on registration, calculation and reclaiming of deductions.

Specifically, we can help register contractors and subcontractors, including advising whether gross registration is available. We can prepare and submit monthly contractor CIS returns from your records and calculate and advise you of the tax liability.