Perspectives on succession and ownership.
Written for owners, future stewards, and the advisers around them.
Family succession, management buy-out, employee ownership, trade sale, private equity, an individual buyer, a solvent wind-down. How each works, who it suits, what it costs, and the failure mode that rarely appears in the sales material.
In preparationThe cap on inheritance tax relief for business property, the reduction in capital gains tax relief on sales to an Employee Ownership Trust, and the narrowing advantage of Business Asset Disposal Relief. What the combination means for owners who had intended to wait.
Read →Everyone in this market promises an operator meaningful ownership. Rather fewer say what that means on paper: the instrument, vesting, leaver provisions, anti-dilution, and which decisions the operator makes alone.
In preparationOccasional writing on succession and ownership.
Sent no more than once a month, and never a sales letter.