Selling a business: planning for a smooth exit and a purposeful new beginning

October marks Financial Planning Month and throughout the month we will be sharing the views, approach, and advice, of our trusted team of financial planners at Clarion.

John Winstanley, Financial Planner and Business Development Director at Clarion, has already spoken this week about true lifelong financial planning, family finances, and retirement.

Today, he focuses on selling a business.

John on selling a business:

“For anyone selling a business, the first thing I encourage them to do ‐ because it is a massive lifestyle change to both their professional and their personal situation ‐ is to partner up with quality, trusted advisers.

“Not just financial planners, but accountants and solicitors. For example, having a robust and properly drafted will in place is critical as there could be different inheritance tax implications that occur post business sale.

“It is also important for a client to understand what the sale proceeds need to do for them. If a client has been in a position where they have been in a business and they have been earning a salary and perhaps dividend income from that business, it is a big change to come away with a capital sum, which they need to live off for the rest of their lives.

“Lifelong financial planning enables us to demonstrate to business owners who are looking to sell that the money they are receiving will allow them to live the lives that they want and provides the confidence to proceed with a sale at the price that has been discussed ‐ or perhaps go back to the table and ask for more because the price may not be enough for them to live the lives that they hope to achieve.”

Experience true financial planning at our cost: contact John Winstanley to book a free initial consultation meeting at jwinstanley@clarionwealth.co.uk, which is backed by our Clarion Guarantee. If you are not completely satisfied with the value of the service you have received after the fourth meeting, when you receive your written financial plan, we will waive all fees.