Succession planning

Posted on May 1st, by editor in Caring Times. No Comments

*By PETER GROSE* As well as domiciliary and nursing care agencies, an increasing number of care homes are traded by limited companies. In particular, accountancy advice increasingly is to transfer sole trader or husband-and-wife run care homes into the name of a limited company set up for the purpose. It is essential that owner managers of small to medium sized companies give proper consideration to succession planning. It is hardly surprising that planning an exit strategy is often low on the list of priorities for owner managers of small to medium sized companies, given the time and effort that is required to manage a successful business from day to day. However, if the intention ultimately is to sell up, providing for this at an early stage will reap dividends when the day arrives. The owner manager, should be taking a number of steps to ensure that the most is made from any offer to acquire their company. There is no doubt that the process leading to completion of a company sale can be highly taxing for t

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