Let’s talk about the bit everyone leaves too late: tax.

Following on from last week’s post about corporate governance, it’s worth addressing another area that routinely causes unnecessary pain in deals: tax planning (or the lack of it).

If you’re selling a business — particularly one valued north of £10m, tax is not a footnote. It is a material value driver.

Capital gains, corporation tax, stamp duty on shares, property taxes, asset vs share structures… these things don’t just affect what you pay, they affect whether a deal completes on time, at price, or at all. Yet most shareholders only start thinking seriously about tax when the Heads of Terms are already agreed.

That is FAR too late. In real transactions, poor tax preparation leads to: Avoidable deal delays Price reductions during due diligence Unnecessary complexity In some cases buyers simply walking away Not because the business isn’t good but because the structure isn’t ready.

This is not about aggressive tax avoidance. It’s about making sure you don’t pay more than you legally owe and that you understand your position before you go to market, not in the middle of a negotiation when leverage is already slipping. Good exits are planned years in advance.

Tax is no exception. I’m not a tax adviser, but we work alongside some excellent ones and if you’re even considering bringing in an investor or exiting in the next couple of years, my advice is simple, start taking tax advice early. It will save you money, time, and a lot of unnecessary stress later.