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Corporate Finance Services for your Business

Preparing for your business succession

Success Stories

Here are some of the recent stories where the owners of businesss have moved onto the next chapter of their lives after leaving their businesses.

Project this is what I did

I assisted the owners of a manufacturing business to sell their entire shareholdings. All parties worked to a strict timetable to ensure the transaction was completed as quickly as possible.

The Outcome?

The owners were able to sell their shares before the 2021 Spring Budget thus ensuring they maximised their tax reliefs. Being in their late 60s, they wanted to move onto the next stage of their lives, spend more time on holidays, their family and not be burdened with the responsibilities of running the business.This success was acheived.

Project this is what I did

In this project the owner, a sole practitioner, wanted to sell her accountacny practice. Again we were concerned about the possible changes to the tax reliefs and so the transaction also needed to be completed before the Spring 2021 Budget.

The Outcome?

The shares in the accountancy practice were sold with the majority of the payment on completion with the balance within a couple of months. This was all paid and the owner, who had no intention of retiring, was able to use the proceeds to establish a new venture and to pursue a new career away from accountancy and taxation. It is a good example of a “bird in the hand is worth two in the bush” and that staying on after completion is not to everyone’s taste. It was a successful outcome as she was no longer tied to the practice and has a better work life balance.

Project this is what I did

I was asked by the Director to undertake a lead role in disposing of the shares in his pest control company as he had identified a possible purchaser. This party decided he did not have an appetite for the purchase and another buyer came along instead who had heard rumours the business was for sale.

Outcome?

The director wished to pursue another career and after negotiation and the sale of the assets, the proceeds enabled him to do this. TIt was asuccessful outcome.

As you can see in each of these stories, the owners were able to move onto the next chapter of their lives. If this is something of interest to you then I would be very happy to chat through these experiences (on, of course a confidential and no names-basis) with you and see if it is something that works for you and your company.

Project this is what I did

Another sole practitioner of an accountancy practice wished to sell the practice. A number of local accountants expressed an interest and finally one offer for the goodwill and assets was accepted.

Outcome?

The owner, in her thirties, wished to move to another career. including the role of director of finance at a client’s business. This was accepted by the buyer while the sale proceeds enabled her to do this freed from the responsibilities of running the practice.

Project – this is what I did

i was approached by a contact of mine since one of his clients wanted to split the business in two so each of the directors/shareholders could “go their own ways”.  One wished to retire. It was important that the retiring director would receive a capital sum and to ensure full payment was received for his shares when he left.

Outcome?

I acted for the remaining director/shareholder. An agreement was reached to the satisfaction of each, where where the remaining shareholder purchased the shares of the retiring shareholder. The retiring director left without further liabilities to enjoy his retirement; while the remaining shareholder carried on running the business.

What do these stories mean?

As you can see in each of these stories, the owners were able to move onto the next chapter of their lives. If this is something of interest to you then I would be very happy to chat through these experiences (on, of course a confidential and no names-basis) with you and see if it is something that works for you and your company.

I look forward to hearing from you.

If you would like to read more of the Overview of Selling a Business, please return to this page on the website.

If you would like to listen to a Podcast on Anchor about my services, then please click here and open the hyperlink.

Andrew Watkin

Andrew is the director of Assynt Corporate Finance Limited and an Accredited Member of the Association of Crowdfunding experts.

Previously a partner and head of corporate finance at Baker Watkin LLP, Andrew has more than 35 years of experience in all forms of corporate finance across many business sectors.

Andrew is also the Chair of Governors at a local school and an Assessor of Expeditions for The Duke of Edinburgh’s Award.

You can find out more and connect with Andrew over on LinkedIn.

Need Help? Contact Andrew at Assynt:

If you are serious about selling your business, contact Andrew to arrange an informal chat, in person or over the telephone to assess the options open to you.

You can also contact Andrew by email at: awatkin@assyntcf.co.uk or by completing the form on this page.

Call today on 07860 898452

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