If you run your own accountancy practice, have you ever thought what would happen if you were suddenly unable to work?
For owners of an accountancy practice, working as a contractor, sole trader or single-partner has obvious advantages:
But it does make the business uniquely vulnerable: for example if you died, became seriously ill or were otherwise unable to work.
Let’s imagine you die while running your own accountancy practice. Some of the knock-on effects might be:
At Key Business Consultants, we offer a service called “succession planning” so that you’ll be properly prepared.
We start by coming to your office for a full day. We discuss and review all your systems and processes, including:
Once we’ve agreed and optimised all of the above, we’ll produce two documents for you in both electronic and hard copy form:
Throughout the year, if you need to update or revise anything we agreed at the audit, we’ll work with you to produce fresh documentation.
We’re also at the end of a phone if you need any support or advice. Perhaps:
If the worst happens, and you die or are too ill to work, we can step in straight away.
Once your solicitor has contacted us, our team of chartered accountants are able to take control of your clients’ bookkeeping, tax returns and compliance from day one. This will ensure that their service isn’t interrupted (and that they don’t start looking for a new accountant!). And your relatives won’t have to worry about the business during this very stressful time.
Whatever your estate decides to do with the business, we’ll make sure they get maximum value with minimum disruption. If they decide to:
Business succession is complex, demanding a thorough knowledge of compliance, probate, inheritance tax and financial law.
As probate specialists, our accountants are perfectly placed to help you and your estate through these issues.
If you’d like to discuss working with us via a succession planning contract, we’d be very happy to arrange a no-obligation meeting at your office. Please get in touch.
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