Succession Planning

Whilst many people have successfully set-up and run their business for many years, fewer have mastered the art of knowing when the time is right to sell the business in order to extract maximum value for themselves or indeed of ensuring that it can simply survive in the absence of the original founding owner-manager.

Business succession planning is a critical part of any business strategy and simply seeks to manage the smooth transition between the current and the future owners of a business. Whether it is concerning the future management of a business, how ownership is going to be passed along as well as financial and taxation concerns. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved.

In order to provide detailed information, advice and assistance on this critical area for business owner-managers this section aims to present the main areas of what is a very complex subject, including legislative and tax provisions, in an easy read format.

Succession Planning - What is it about?

Succession planning comprises all the aspects of preparing for the smooth transition of the business and ensuring that the circumstances of the handover are optimal for the business and the retiring owner-manager. In the busy life of an owner-manager or senior executive it is often the elephant in the room that is not addressed. That is, it is a really significant piece of work relating to .. Read more

Valuing a Business

There are many people running successful businesses who find themselves contemplating a major strategic issue such as succession planning. They know much about their business but are frequently unaware of its value and the considerations in ascertaining such a value. Prior to .. Read more

Management Buy Out

Management buyouts (MBO) are attractive to all parties involved and have proven over time to be the most successful form of acquisition. Evidence shows that companies after a buyout, compared with .. Read more

Sale to Outside Party

Selling any company, regardless of size, is a daunting task. It is for most a once in a lifetime event in particular for owner-managers of small to medium sized businesses. Quite often the option to pass the business to a family member is not available or in the best interests of the business. Additionally, the .. Read more


One of the most important items that needs to be considered in the context of any plan to pass on the business is taxation. Each of the different methods of succession will have different taxation consequences that need to be addressed and it is important that any plan caters for the minimisation of .. Read more

Strategies for Managing Wealth

The Irish economy enjoyed an unprecedented environment since the early ’90s. During this boom period, very many individuals generated substantial wealth as Irish asset prices were revalued to reflect the emergence of the Irish Economy as a fully paid up member of the developed economies of Europe. Many investors astutely purchased .. Read more

Legal Aspects

The legal issues that arise on the transfer of a family business to the next generation (“Family Acquisition”), on foot of a management buy out (“MBO”) or to an unrelated third party (“Independent Acquisition”) are broadly the same as arise on the transfer of any business. The manner in which they might differ is in relation to .. Read more

Tax and succession: Retirement Relief and Entrepreneurs Relief

In this article, Catherine McGovern, Tax Partner with PKF O'Connor, Leddy & Holmes Ltd., discusses how tax reliefs can be used efficiently on the disposal of your business. .. Read more

Succession planning - tax brochure

Succession planning can mean many things to many different people, but for business owners it is particularly important to proactively look at passing assets to the next generation. Mazars have published a succession planning brochure with further guidance. .. Read more