Succession and Exit Planning

Planning early turns ambitions into reality

At some point, every business owner needs to consider their long-term goals and the next chapter of their life. Do you have an exit strategy and retirement plan that will provide the standard of living you want in your senior years? Early planning is key to turning your ambitions into reality and protecting yourself from unexpected tax liabilities down the road.

Planning for the next chapter

Every business has a lifecycle, and planning for the future is essential to ensure a smooth transition when the time comes. Whether you’re considering passing your business to the next generation or preparing for a sale, having a well-thought-out strategy is crucial. At ifac, we take a personalised approach, taking the time to listen to your needs, understand your unique circumstances, and align our recommendations with your specific goals.

Our comprehensive succession and exit planning process considers every aspect of your financial future, from preserving your legacy to ensuring financial security. With our guidance, you can make informed decisions that provide peace of mind and set you on a clear path toward the next chapter of your life.

Understanding key tax reliefs

Effective succession and exit planning involves careful consideration of various tax reliefs and obligations. Before any transfer of your business, it’s essential to seek expert tax advice to ensure that you maximise these reliefs and avoid unexpected liabilities. Key reliefs include:

Capital Gains Tax (CGT)

This retirement relief can significantly reduce the amount of CGT payable when you sell or transfer your business, provided certain conditions are met. It’s a valuable tool for minimising tax liability during your retirement.

Capital Acquisitions Tax (CAT)

This business relief reduces the taxable value of business assets transferred to a successor, helping to ease the tax burden on the next generation. Proper planning is essential to maximise this relief and protect your family’s financial future.

Stamp Duty

Stamp Duty can apply when transferring business assets. Understanding the implications and structuring the transfer correctly can help minimise costs.

CGT/CAT Offset

In some cases, CGT and CAT can be offset against each other, reducing the overall tax liability. Proper advice and planning are crucial to taking full advantage of this opportunity.

Contact our team today

Take the first step in planning for your future —reach out to us for succession and exit planning advice.

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With you every step of the way

Planning for succession and exit is a multifaceted process that demands thoughtful preparation. At ifac, we bring decades of experience to help you navigate the complexities of tax reliefs, financial strategies, and non-financial considerations. From maximising tax efficiencies to ensuring a seamless transition that aligns with your personal and business goals, we work with you every step of the way.

Whether you’re preparing to pass the business to the next generation, planning for retirement, or exploring a sale, we’re here to provide clear, actionable advice for your unique needs. Contact us today to start building a plan that creates a confident path forward for you and your business.

We work for some of the most complex, exciting businesses in Ireland

Talk to Marty Murphy

Head of Tax1800 33 44 22 martymurphy@ifac.ie Linkedin

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