Charles Russell Speechlys hosts Women in Leadership event focussed on financial and tax planning
We are delighted to have welcomed female founders, advisers and investors to our Women in Leadership event on 23 April.
The evening featured a fantastic panel of speakers, with our very own Sarah Wigington, Nicola Thorpe, and Tessa Newman, as well as wealth manager Chloe Stages, each of whom shared valuable insights on exit events, protecting your wealth, and planning for your future.
Some key takeaways from the event:
Helpful reminders for us all:
- Make a Will;
- Think pre-nuptial, post nuptial and Accommodation agreements;
- Get an ISA and LISA (if you are lucky enough to be sub-40);
- Check your pension investments work for your risk appetite;
- Get specialist tax advice if you want to make a lifetime gift or charitable gifts;
- Complete an lasting power of attorney LPA - no excuses.
For founders thinking of exit:
- Think about your exit at the start of your business journey and plan;
- Run your business like you are about to have a due diligence exercise - complete and copy all documents, file them logically etc;
- Take legal advice on key commercial contracts, protect IP and assets throughout - it will make an exit more likely and generate more value;
- Get tax advice on asset v sale share, consider all legal and tax implications in the round based on your likely exit;
- Navigate the Business Asset Disposal Relief requirements (means you’ll pay tax at 10% on all gains on qualifying assets) to test if your situation may qualify;
- Build a positive network - it’s lonely at times being a founder;
- Build an advisory team that care; experts that have got your back so you can focus on the business and negotiations. Test that team beforehand - is the chemistry there, do you trust them? do they have the depth to deliver for you, when needed? This is not a time to scrimp on quality.
For founders who have successfully exited:
- Hand the ladder down;
- Mentor others;
- Show kindness;
- Open up your network;
- Investigate angel investing opportunities, consider NED and advisory roles.
For a glimpse of what the evening entailed, or to learn more about the Women in Leadership initiative, click below to watch our highlights video.
To attend future Women in Leadership events, register your interest here.