A key element is succession planning.
At McMillan Woods, we advise our clients to consider whether they should sell the business or pass it down through the family as both routes require proper and systematic long-term strategic planning.
Certainly, planning at the early stage for a smooth transfer is crucial and one must not lose sight of the aims and objectives for either the options. One should appreciate that the process of buying and/or selling a business can be a lengthy process and equally can be rather daunting on the employees and customers.
Likewise, passing down the business to the next generation can be equally daunting as the successors need to be fully involved in the business succession planning and must be keen in the business itself per se otherwise the intended objectives may not be attained.
At McMillan Woods, our team is happy to undertake these time-consuming tasks in totality and in full confidentiality hence leaving our clients free of any hassles or whatsoever.