On 16 October FSB South West’s latest regional support event was focussed around how to plan for retiring from or exiting your business.
The event was hosted by Somerset Area Lead , John Mayer, who shared his own experiences of retirement planning for his business.
Our first speaker was Heledd Wyn, from Gregg Latchams, who spoke about the importance of considering your business in your will and also how planning is better than crisis management should something happen to you which makes you unable to run your business. For many of us the person who might inherit is not necessarily the best equipped to take up the reins should we die and by considering a Lasting Power of Attorney you can protect your staff, clients and your family’s inheritance.
This was followed by Henry Campbell-Jones from Hornblower Business Brokers, who discussed how to value your business and the typical process a business owner could expect to go through in order to prepare for and sell their business. Henry’s slides can be found here.Your retirement plan?
Our final speaker was Chris Budd from The Eternal Business Consultancy, who talked us through Employee Ownership Trusts ( think John Lewis and Partners) and how a small business could consider that as an exit route.
Check out the FSB Event page for more of our business support events.