Legacy planning – no time like the present

Planning for the future, even in uncertain times, is the key to all kinds of successful enterprises. Whether it’s looking at pension schemes or securing long-term investments that will pay dividends in the future, we should all have some form of forward planning in place. This type of planning is just as important if you are a property owner, with a portfolio of buildings, or land – either commercial, residential or agricultural– that at some point will need to be valued. If they are part of your investments, they will need to be sold and turned into funds and there’s no time like the present to start looking to the future.

Fluctuations in the market

We can’t stress enough how much forward planning can save you in the long-term, especially if your planning involves an exit strategy dependent on a sale of assets. We advise our clients to look at their property and keep it maintained, but also to keep track of its worth in real terms too – as this can fluctuate over time. The market value of the property is only of use at the point of valuation and cannot be used as a ‘catch-all’ figure that is set in stone as an example of its worth.

It’s advantageous to start thinking about your exit strategy between three to five years before retiring, so you can allow plenty of time to gather information and attribute values to property where appropriate. A lot of people – farmers, landowners and business owners alike – sometimes wait until the last moment and then put everything on the market at once. This can potentially cause them to lose a lot of money in the process. So, the key is to take advice, plan well in advance and see how you can make sure you are in the best possible position to sell to maximise your profit margins – and of course ensure a secure future for you and your family.

Peace of mind

We have clients that ask us for advice on these issues, and this goes for both private property and business planning. If you have assets such as a business or premises – like a factory, offices or storage facility – then finding out now what they are worth will give you plenty of time to plan. You can see their value now and you can also look at ways of safeguarding and improving their worth in the future. In this way, owners can decide on when is the best time to sell to optimise the resulting funds.

Using this method, of planning and doing everything in advance, will provide peace of mind over the last few years in business, as well as hopefully a tidy retirement fund. It can also ensure that the workforce, in the case of a business sale, is looked after and protected as far as possible, as part of the firm’s ongoing legacy. If you’d like to talk to one of our experts about how you can evaluate your options – as well as value your assets – then get in touch with us today.