{"id":13853,"date":"2024-11-13T09:01:59","date_gmt":"2024-11-13T14:01:59","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?p=13853"},"modified":"2025-01-07T10:24:58","modified_gmt":"2025-01-07T15:24:58","slug":"financial-planning-tips-for-life-after-a-business-exit","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/financial-planning-tips-for-life-after-a-business-exit","title":{"rendered":"Financial planning tips for life after a business exit"},"content":{"rendered":"\n<p>When business owners, entrepreneurs or company executives exit a business \u2013 be that through an IPO, a management buyout, or a sale to private equity or a trade buyer \u2013 it usually results in a major liquidity event. Indeed, it\u2019s a time when many individuals come into a significant amount of wealth for the very first time.<\/p>\n\n\n\n<p>Before they reach that point, however, there are basic but quite existential&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/are-you-ready-to-sell\">questions that need to be asked<\/a>&nbsp;\u2013 even before thinking about selling a business. \u201cHow much do you intend to sell for? Would you accept a non-compete? Do you want to stay in the business or leave completely? Do you have a succession plan in place? And who are you selling to?\u201d asks Duncan Chandler, head of Financial Services, M&amp;A, BDO UK. \u201cAn exit can be very protracted, and, ideally, you should be looking at a minimum two-to-three-year timeframe, as that gives you the most amount of comfort and a nice \u2018glide path.\u2019\u201d<\/p>\n\n\n\n<p>As business exits can be complex, it\u2019s not surprising that many going through the business exit planning process focus solely on the business rather than on what to do with the money once the deal has been completed. But putting aside personal wealth planning matters can prove costly.<\/p>\n\n\n\n<p>\u201cIt\u2019s vital to have conversations about wealth planning as soon as you can, to both financially and emotionally prepare for how your life will change when you exit a business and come into considerable wealth,\u201d explains Kevin O&#8217;Shea, director &#8211; Wealth Planning at RBC Wealth Management in the British Isles. \u201cFor instance, you may shift from living off a substantial income with limited capital to having no income and relying on the capital realised from the business.\u201d<\/p>\n\n\n\n<p>When a client is ready to discuss their situation, it\u2019s best to start by trying to understand their plans for what comes&nbsp;<em>after<\/em>&nbsp;the exit. For example, do they intend to retire, to travel? Or do they hope to launch another business? From there, it\u2019s possible to build a wealth \u201croad map,\u201d working out the income level they need and&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/beyond-retirement-wealth-planning-for-corporate-executives\">structuring wealth<\/a>&nbsp;appropriately.<\/p>\n\n\n\n<p>\u201cAt the very least, we\u2019d expect people to be having these conversations 12 months ahead of an exit,\u201d says Daniel Cordery, director of Relationship Management at RBC Wealth Management in the British Isles.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-think-about-before-a-business-exit\"><strong>What to think about before a business exit<\/strong><\/h2>\n\n\n\n<p>An individual\u2019s long-term wealth plans when a business exit is realised can typically be broken down into three areas of focus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Securing the family\u2019s financial future \u2013 knowing they\u2019ve got enough money to cover the everyday expenses and provide for everyone. What does this look like?<\/li>\n\n\n\n<li>Enjoyment \u2013 spending money earned from the business exit and reaping the rewards of all that hard work.<\/li>\n\n\n\n<li>Legacy planning \u2013 be that for the next generations through estate planning, inheritance tax planning, investing in&nbsp;<em>other<\/em>&nbsp;people\u2019s businesses, establishing charitable structures,&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/five-things-to-think-about-when-giving-away-wealth\">supporting local endeavours<\/a>&nbsp;and so on.<\/li>\n<\/ul>\n\n\n\n<p>Such planning, however, can create worries. A recent RBC Wealth Management survey of 600 high-net-worth individuals in the UK revealed that their three main concerns were&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-can-i-reduce-my-inheritance-tax-bill\">inheritance tax (IHT)<\/a>, gifting without giving away more than they can afford and knowing how much is enough to&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-much-is-enough-six-steps-to-building-the-perfect-retirement-plan\">maintain a lifestyle in retirement<\/a>.<\/p>\n\n\n\n<p>When it comes to a business exit, here are some ways to allay those concerns:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-earmark-funds-for-future-generations\">Earmark funds for future generations<\/h3>\n\n\n\n<p>To pass on any of your wealth to the next generation in a tax-efficient way, you may want to consider:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Shares<\/strong> \u2013 \u201cunlisted, private company shares usually benefit from&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-can-i-reduce-my-inheritance-tax-bill\">Business Relief<\/a>, which under current rules essentially gives an exemption against inheritance tax,\u201d says O&#8217;Shea. \u201cBefore a sale is agreed, there\u2019s an opportunity to settle a portion of those qualifying shares into trust to earmark them for future generations whilst retaining control. After a sale, this benefit is lost and only a limited amount of funds can be settled into trust without incurring entry charges.\u201d<\/li>\n\n\n\n<li><strong>Note<\/strong> \u2013 from April 2026, new rules regarding Business Relief will come into play restricting the 100 percent IHT exemption to the first \u00a31m per individual, with a 50 percent IHT exemption applying to the excess. This will increase the IHT liability on existing business assets and gives a potentially limited time window to make use of this planning method when settling significant assets into trust. The interaction with trusts has not yet been clarified and the government announced they will publish a technical consultation in early 2025 regarding trusts holding Business Relief and Agricultural Property Relief assets.<\/li>\n\n\n\n<li><strong>Direct gifts<\/strong> \u2013 while everyone has a \u00a33,000 annual exemption for gifts, which is removed from your estate immediately when used, you can also gift money or assets above this threshold that will be exempt from inheritance tax, providing you live for at least seven years afterwards, and you have no interest or link to the transferred assets.<\/li>\n\n\n\n<li><strong>Trusts<\/strong> \u2013 if you wish to have some control over how and when the money is allocated, gifting via a trust will let you do this. You can draft letters of wishes for beneficiaries (including charities), executed by trustees. Bare trusts provide a neat solution for those who wish to pass on assets to minors. As a beneficiary, they\u2019ll gain the right to capital and income within the trust from the age of 18.<\/li>\n\n\n\n<li><strong>Other options<\/strong> include family investment companies (via a limited liability company structure), life insurance policies and offshore bonds. Each one comes with its own tax implications, which need to be evaluated.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-explore-share-related-limitations\">Explore share-related limitations<\/h3>\n\n\n\n<p>Depending on the nature of the exit, an individual\u2019s shareholdings may be subject to certain limitations. For instance, they may be subject to a lock-in period, which means they may not be able to access some of the value until well after the exit.<\/p>\n\n\n\n<p>Similarly, for IPOs, custody and transaction fees impact the value realised on disposal of shares. Building an effective disposal strategy can prove valuable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-plan-ahead-for-deferred-compensation\">Plan ahead for deferred compensation<\/h3>\n\n\n\n<p>Just as with share lock-in periods, if an individual has deferred compensation, they may not actually realise some of the liquidity until years later \u2013 and it may not be the amount they originally expected. Cashflow modelling ahead of the exit can help an individual plan for various scenarios.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-preserve-the-value-of-the-business\">Preserve the value of the business<\/h3>\n\n\n\n<p>Once the decision has been made to sell a business and, potentially, an initial offer is on the table, it\u2019s essential to try to cement the value of the business. \u201cContinuity is key,\u201d explains Chandler. \u201cIf this isn\u2019t being sold to another business with a strong management team in place already, is there a strong succession plan in place? Are all key contracts nailed down? And are existing systems, products and processes all tried and tested? Can this business pass forensic due diligence?\u201d<\/p>\n\n\n\n<p>The value of the business has a direct impact on what an individual will realise on exit, so shoring this up is essential. One way is to ensure that protection policies for all key people are in place. Losing such individuals to either illness or premature death prior to a sale or an IPO can dramatically impact the business value. The presence of the policy gives buyers confidence, as it\u2019s an extra layer of protection for their investment. With restrictions to Business Relief applying from April 2026, relevant stakeholders will also need to be aware of the liquidity required for potential IHT liabilities on an owner\u2019s death.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-think-about-after-a-business-exit\">What to think about after a business exit<\/h2>\n\n\n\n<p>\u201cWhen clients come and see us after a sale, they\u2019re either very excited about the future or they\u2019re terrified because they\u2019ve just received an amount of money much bigger than they\u2019ve ever had before,\u201d says Cordery. \u201cIf we\u2019ve had those early conversations with people, this is the point at which they can take a step back. This may involve putting a large part of the money on deposit into bonds for six months so they have time to breathe.\u201d<\/p>\n\n\n\n<p>For people receiving significant wealth for the first time, this can be a particularly fraught occasion. Results from the RBC survey show that 89 percent of those new to wealth would benefit from further guidance on the responsibility of having wealth, compared with 63 percent of those with established wealth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-proportion-of-high-net-worth-individuals-that-need-further-guidance-on-the-responsibility-of-having-wealth\">Proportion of high-net-worth individuals that need further guidance on the responsibility of having wealth<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"712\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/07\/How-much-is-enough-Infographic-1380x960-1.jpg?w=1024\" alt=\"A table chart.\" class=\"wp-image-14801\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/07\/How-much-is-enough-Infographic-1380x960-1.jpg 1380w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/07\/How-much-is-enough-Infographic-1380x960-1.jpg?resize=300,209 300w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/07\/How-much-is-enough-Infographic-1380x960-1.jpg?resize=768,534 768w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/07\/How-much-is-enough-Infographic-1380x960-1.jpg?resize=1024,712 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: RBC Wealth Management UK brand tracking survey, Oct. 2022. Sample: 600 UK-based HNW individuals.<\/figcaption><\/figure>\n\n\n\n<div style=\"height:13px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Taking financial planning advice before, during, and after a major liquidity event, such as selling a business, can help pave the way to a secure financial future.<\/p>\n\n\n\n<p>\u201cIn a way, when someone comes into a large cash holding, it really is a case of going back to basics from a wealth-planning perspective,\u201d explains O&#8217;Shea. \u201cIt\u2019s here that we look again at that goal-based conversation \u2013 what do you want to achieve and how can we help you achieve that? And there are certain things we would typically look at.\u201d These include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-diversifying-investments\">Diversifying investments<\/h3>\n\n\n\n<p>The value of a single stock holding can be extremely volatile. If an individual is subject to a lock-in period or intends to retain stock, hedging and investment strategies can limit the impact of price fluctuations.<\/p>\n\n\n\n<p>A diversified portfolio is a commonly recommended investment approach, and this can be executed both before an exit and on an ongoing basis.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-structuring-proceeds-and-mitigating-tax-exposure\">Structuring proceeds and mitigating tax exposure<\/h3>\n\n\n\n<p>It\u2019s essential to maximise the growth of investments and minimise exposure to income, dividend and capital gains tax (CGT) drag by structuring the net proceeds efficiently.<\/p>\n\n\n\n<p>The UK has a high tax burden on investment income and gains, especially for large portfolios held outside of tax wrappers, such as individual savings accounts (ISAs) and self-invested personal pensions (SIPPs).&nbsp;There are a number of structures that can reduce the tax drag for larger portfolios \u2013 for example,&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/campaign\/what-is-an-international-bond\">international bonds<\/a>, family investment companies and private funds.<\/p>\n\n\n\n<p>It\u2019s also possible to defer CGT due on a business sale through the tactical use of tax-efficient investments. By investing the gain into an&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/video-an-introduction-to-the-enterprise-investment-scheme\">Enterprise Investment Scheme (EIS)<\/a>, for instance, the gain is deferred until the EIS investments are exited (but can be deferred again if reinvested into another qualifying EIS investment).<\/p>\n\n\n\n<p>Other benefits of EIS include a 30 percent reduction in an income tax bill, an IHT exemption after two years and CGT-free gains, provided conditions are met. It\u2019s important to note, however, that these are high-risk, illiquid investments, so should typically form only a small portion of a wider portfolio.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-protecting-realised-value-from-inheritance-tax\">Protecting realised value from inheritance tax<\/h3>\n\n\n\n<p>Coming into considerable wealth may ultimately lead to a significant exposure to IHT. A whole-of-life insurance policy can be taken out to provide a lump sum&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-benefits-of-life-insurance-for-inheritance-tax-planning\">to cover any IHT liability<\/a>&nbsp;based on the expected assets at the time of death, which will often largely be comprised of illiquid assets, such as property, that will take time to sell.<\/p>\n\n\n\n<p>Term assurance policies can complement this to provide an \u201cumbrella\u201d of protection. Unlike whole-of-life policies, these expire after a set period but can \u201cbuy time\u201d to implement wider planning such as gifting or restructuring to reduce the estate. It\u2019s essential the policies are set up in an appropriate trust, so that the proceeds stay outside of the estate for IHT purposes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-benefit-of-ongoing-wealth-planning-advice\">The benefit of ongoing wealth-planning advice<\/h2>\n\n\n\n<p>Because there are so many potential moving parts from a business- and personal-wealth perspective, the value of ongoing reviews throughout the entire exit process (and beyond) can\u2019t be overstated.<\/p>\n\n\n\n<p>\u201cIt\u2019s very rare that a business exit goes 100 percent to plan, not least in the final figure that is realised,\u201d notes Cordery. \u201cSo having the ability to be flexible as things change can really help deliver the best possible outcome.\u201d<\/p>\n\n\n\n<p>Ongoing financial planning for business owners helps ensure their goals remain relevant and the right balance is struck across multiple objectives, including income requirements, estate planning, tax structuring, adapting to changing personal circumstances and evolving legislation.<\/p>\n\n\n\n<p><em>This article was updated in Dec. 2024.<\/em><\/p>\n\n\n\n<div class=\"wp-block-rbcwm-well well\">\n<p>RBC is not a tax specialist and this does not constitute tax, legal or financial advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Selling a business can result in significant wealth \u2013 learn what to plan for before and after a deal is 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