Family Business & Succession
The vast majority of Irish businesses are family controlled or owner managed. In many cases the family business provides a stable income for many members of the same family.
Passing over the business from one generation to the next is a difficult process with numerous considerations to overcome.
At BCA we understand these challenges and throughout our 40 year history have helped to successfully navigate these issues for many our clients. This process often involves an overall approach from our taxation and our investment management specialists.
A family business will often have to finance the founder’s retirement as well as provide a stable income stream for the successor. It is important that any profits withdrawn from the family business are invested wisely in approved retirement funds or other income generating investments.
It is important to plan early for this eventuality as a successful investment strategy will provide the opportunity for one generation to step away without being financially dependent on the business.
Passing over the business from one generation to the next is a difficult process with numerous considerations to overcome. BCA’s dedicated team has the knowledge and expertise to successfully navigate these issues.
Michael Kinsella, Partner
BCA’s understanding of this sector and our expertise in this area is a key support tool in assisting the next generation as they take up the reigns and develop the business.
Caroline McGrath, Tax Director
Taxation planning and optimising any available reliefs for retirement or asset transfers is a key consideration of any succession strategy. As legislation in this area can change constantly it is important that a succession plan is reviewed regularly to ensure that any taxation assumptions remain valid.
The formulation of a detailed will or divesting assets in a family trust may also provide additional tax planning opportunities.
In addition to providing valuable investment planning and taxation insights into your succession plan our understanding of your business and expertise is also a key support tool in assisting the next generation as they take up the reigns and develop the business.