Entrepreneurship in Yorkshire: Planning your exit
ENTREPRENEURS should start planning their exit early if they want to secure maximum benefit for their hard work.
That’s the view of expert advisers who have seen the consequences for people who have built great businesses only to lose out when they come to sell.
Stephen Hall, partner in charge of entrepreneurial business and personal tax for Deloitte in Yorkshire, said: ““Last minute tax planning is no longer to be relied upon – if it ever was – and so much depends on the adviser understanding the challenges that
an entrepreneur is facing and what his objectives are.
““This extends beyond the narrow confines of the business into the entrepreneurs own affairs and his personal priorities –– it is impossible to properly advise a business in isolation from its owners.”
Given the time consuming nature of starting and sustaining a new business it is perhaps no surprise that entrepreneurs make exit planning a lower priority.
But it is important that entrepreneurs realise that personal financial planning must go alongside developing a successful enterprise.
Neil Manaley, director at Barclays Wealth, said: ““When it comes to exit planning, most entrepreneurs can tell you the corporate plan, but when it comes to their personal plan it’’s a different story.””
Exit planning is just one of the issues discussed in more detail in a new supplement on entrepreneurship in Yorkshire, in partnership with Deloitte and Barclays Wealth.
To read more in this series and to download the supplement click here.
