When you’re running a care home business, your clients are your priority. When you’re also dealing with day-to-day business issues and working within strict regulatory and reporting regimes, it can be hard finding time to think about the future.
But when you’ve worked hard to build and grow a profitable business, you also want to make sure that it continues to thrive once you have decided to step aside.
At Haslers accountants and business advisers in East London and Essex, we believe it is never too soon for care home owners put in place succession and exit plans to achieve a smooth transition of leadership for the businesses they have created.
If the business is family-owned, we can help you look at the skills, abilities and wishes of children or other relatives, to help you decide whether keeping the business in the family is the right option, particularly if your successors would need time to understand and learn the complexities of running the care home or homes.
If there is no obvious family successor, a management team buyout or sale to an external buyer might be the best option. We can provide the appropriate advice to support you through the process, including advice on maximising the value and tax efficiency of the transaction.
As part of your succession planning, we can advise on retirement planning to help you organise your personal finances for later life.
With your succession plan in place, an effective transition should not only ensure the continuity of your care home business – it can also help to lay a solid foundation for future owners.
To find out more about Haslers’ East London and Essex-based succession planning services for care homes, please contact us.