Often a large proportion of an individual’s or family’s wealth may be concentrated within a small business. Have you considered the most efficient way to transfer this wealth from one generation to the next in a manner that will benefit and support your retirement and reduce disruption in the business?

Many small business owners are often unaware that there can be significant tax savings for small businesses which are structured properly. Current tax laws afford significant tax concessions to those business owners who can maximise these benefits.

Have you considered who would be able to buy the business from you or your family, or operate the business in your absence or death? Is there sufficient life insurance or business insurance in place to deal with these matters?

Is there a plan in place to ensure the business continues in a profitable manner and/or allows non-family business partners to purchase your share of the business. Have you considered how they would be able to fund this acquisition?

A Morgan Wealth Management advisor can ensure that these issues are effectively planned for, ensuring your years of hard work realise the maximum benefits.