The first adviser meeting about retiring from your business
- Topic
- Retirement decisions
- Reading time
- 2 minutes
- Last reviewed
On this page
You do not need a finished retirement plan before meeting an adviser. You do need to explain what you are trying to decide. Otherwise the discussion can become a tour of possible routes without identifying the next useful action.
Write a short brief before the meeting. State the business structure as you understand it, what the business does and why you are considering an exit. If you are unsure which entity owns an asset or holds a contract, say so.
Lead with the decision
A useful opening might be: "I want to stop attending the workshop next year. There is no confirmed successor, and I need to understand what a planned closure would involve."
That fictional example gives the adviser a question and a personal constraint. It is more useful than asking whether retirement is "tax efficient" without explaining what might happen to the business.
Set out the routes under consideration. Retirement without a successor and a reduced-hours trial require different discussions. Do not present an option as agreed merely because it is the one you currently prefer.
Bring enough facts to expose the gaps
Take a summary of the business's activities, premises arrangements, employees and broad asset categories. Include significant dates that someone has already checked and dates that remain provisional.
Ask the adviser which documents they need next. Sending an unfiltered archive before you know the question may create unnecessary work and disclose information that is not relevant.
For a limited company, the official GOV.UK closure overview distinguishes routes according to the company's ability to pay its bills. Raise any uncertainty about that position promptly. Do not assume a preferred retirement date settles the suitable procedure.
Leave with named questions
At the end of the meeting, list the matters the adviser will answer, the facts you must provide and any other professional input required. Confirm the scope of their work and how further questions will be handled.
Keep advice tied to its assumptions. If the discussion assumes all equipment belongs to the company, an unresolved finance agreement may require another conversation. The commitment inventory can reveal obligations that were absent from the initial brief.
Avoid interpreting a general explanation as approval of a particular asset sale. Ask what must be established before an instruction can be given and who is authorised to give it.
When it is useful to discuss the physical assets, approach UK Auction Group with the current facts and adviser questions. The asset discussion can then inform the wider plan without pretending to replace legal, employment or tax advice. Keep a record of what each conversation resolved and what remains open.
Explore retirement decisions.
Sources
This guide is general information and education only. Legal, tax, employment and safety decisions may need a qualified adviser who knows your situation. Read the disclaimer.