Corporate Finance Services for your Business

Success Stories – Preparing for your business succession

Success Stories

Here are some of the recent success stories. In each case, the owners of business have moved onto the next chapter of their lives after leaving their businesses.

Project – this is what I did

The minority shareholder felt it would be in the best interest of the company if he left and had his own business. The majority shareholder and other director agreed and the company instructed Assynt to set things in motion.
I was instructed to negotiate the terms of the leaving including the value for his shares, the nature and timing of his departure. Having drafted the Heads of Agreement, which were signed, the advance tax clearances were drafted and obtained without any changes. The future cash flows of the company were reviewed to ensure there was enough headroom after the purchase of its shares. Solicitors were instructed to draw up the appropriate paperwork. The company purchased his shares in one transaction, and he resigned as a director.


The director wished to pursue another career and after negotiation and the sale of his shares and the proceeds from the sale of his shares enabled him to do this. The company was able to continue after the purchase of shares having sufficient cash and working capital to trade after the purchase. It was a successful outcome.

Project – this is what I did

The transaction involved the sale of a home waste recycling company on behalf of Mother and Son who were the shareholders.
The buyer, in the same sector, had negotiated terms of the transaction had instructed his solicitors to draw up the Share Purchase and Sale Agreement (SPA). I was instructed to review the SPA; advise on the tax Warranties and other Covenants; attend various meetings to negotiate changes to the SPA to protect the sellers’ interests. The structure of the transaction was altered such that all the consideration was paid for on Completion. After completion, the Completion Accounts were drawn up and accepted by the purchaser when the final cash payment was made to the Sellers.


Mother was able to retire with a capital sum and her son used his share of the proceeds to establish another business in the knowledge of the purchaser.

Project – this is what I did

This transaction was the sale of the entire share capital of a commercial cleaning company whose shares were owned by family members.
I provided due diligence information to the purchasers and once the draft Share Purchase and Sale Agreement (SPA) was available, advice was provided to the vendors on the Tax Warranties and Covenants. After completion, the Completion Accounts were drawn up and accepted by the purchaser.


The older family members were able to move not their retirement while the younger members established other business with their share of the proceeds.

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 and their family. They did 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. The balance was paid within a couple of months. All the sums were paid and the owner, who had no intention of retiring, was able to use the proceeds to establish a new venture. This was 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.


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


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. He wanted to ensure full payment was received for his shares when he left.


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.


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.


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 acted for one of the two directors/shareholders who had decided to go their separate ways.

The objective was to realise a capital sum for his shareholding and to ensure he gained the tax relief to pay 10% capital gains tax on the sale.

Furthermore, we needed to ensure he received full payment on completing the transaction. He obviously wanted to resign as a director without any ongoing liabilities of the company and to ensure the non-compete arrangements were fair and reasonable.


An agreement was reached to the satisfaction of each director/shareholder such that the remaining director/shareholder purchased the shares. The retiring director/shareholder left the company without further lioabilities. He was able to start his new business once the non-compete period had ended.


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 with you. These case studies can be shared on a confidential and no names-basis). This way i hope you will appreciate the service I provide. It maybe there is some thing 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.

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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 40 years of experience in all forms of corporate finance across many business sectors.

Andrew was the Chair of Governors at a local school for six years retiring in December 2020 and continues to be 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: or by completing the form on this page.

Call today on 07860 898452

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