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Take care in retirement

Business owners looking to retire should take careful, measured planning steps

Clarke Willmott’s James Hall comments on the issues involved for the Birmingham Post on July 2 2010.

After a lifetime of hard work, building up a small – or even larger – enterprise and making as much of a success of things as is possible, most business people want to be able to retire and enjoy the rewards that their toil should have brought.

To really maximise those rewards, however, careful planning should always be undertaken to mitigate tax liabilities as well as other unwelcome financial diversions.

Retirement from business can take multiple forms but can be commonly seen in a sale of the enterprise or a transfer to family members, for example. Birmingham is built on family businesses and so the handing over of the reins to the next generation is commonplace.