Do you have a plan to exit your business on your terms?  We can help you prepare by examining all areas including: financial, management and legal.

You may want to consider the following from a recent PricewaterhouseCoopers Family Business Survey for 2007/08:

"..While many entrepreneurs happily devote their time and energies to building a business, they pay less attention to what will happen when they are no longer running the show. They find it difficult to address issues like illness, incapacity, retirement and death, and therefore postpone dealing with such problems..."

• One-quarter of the family firms in the survey are due to change hands within the next five years.
• Half of those companies are expected to remain in the family. Yet almost half of all responding companies have no succession plan, and the percentage is even higher in small firms or those that have been in business for fewer than twenty years.
• A surprisingly high percentage of family business owners have also failed to gauge their potential tax exposure, and are unaware of the domestic capital gains tax or inheritance tax liabilities they may have accrued.
• Eighty-four percent of the respondents aim to pass their companies on to their descendants.
• Two-thirds of family businesses have no defined criteria for choosing which family members who want to take an active role in the company should be allowed to do.
• More than half also employ relatives without requiring them to compete for their jobs on the open market.
• More than two-thirds of companies in the survey had no procedures in place for dealing with disputes between family members.