I was out for a gentle stroll to keep the legs moving before the Waterford half marathon this weekend. When I say gentle, think barely moving or a fast walk. As one local wag said to me before when I was out running “I thought you did a bit of running” as much as to say that doesn’t qualify. We wish the very best of luck to all the participants and all our friends in the Saturday Road Runners. If you see some hardy souls running around, be sure to give them a cheer.
In our blog last week, we looked at the tax angle when Paschal gave Leo a gift. In case you missed it click here
When out for my stroll I was contemplating what would I write about, and this came to mind. We had just been off a call with John Murphy of Omnipro discussing a succession project. We had gone through valuations and dates of valuations. We discussed excess cash, market value and loads of other interesting issues. All very relevant to business owners who are passing on their business to their kids or selling. I thought it could be useful to have a list of the main do’s and don’ts, so that you can plan ahead knowing what to be aware of. The Do’s that we will look at are:
- Have a plan
- Understand what your company is worth
- Understand the Tax reliefs
- Look at your company structure