For a smooth transfer, plan early

Kieran Coughlan, specialist business advisor, says early planning helps with a family business transfer, though many do not have that luxury

Michael Magner, Vienna Woods Hotel, winner of best family business in the 2021 Cork Business Association Awards, with Eoin O'Sullivan, president of CBA. Michael Magner co-owns the hotel with his father-in-law, Brian Scully.  Picture: Eddie O'Hare

As a tax consultant, my services are often engaged when clients have made the decision to transfer or sell their business.

A significant other proportion of cases that cross my desk involve business transfers that have occurred on the death of the predecessor. In both of these situations, circumstances can be less than ideal.