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Preparing You And Your Business For Sale

March 2008

Shirebrook Financial Services and Hawkins Hatton LLP held a joint seminar, on Thursday 6th March, dealing with selling your business.

The seminar was attended by a mixture of business people coming up towards retirement and professional advisers (accountants and lawyers) who all found it informative and relevant to their daily activities. The presentation covered three key areas:

  • Victoria Edwards from Hawkins Hatton explained how we can help owners prepare their business and staff for succession, whilst being aware of the legal obligations.
  • Steve Thompson from Shirebrook FS covered the tax implications of selling a business and ways to help ensure a tax efficient income follows into retirement.
  • Finally, John Haden from Shirebrook FS explained the company's commitment to ensuring the business could continue to trade by protecting key staff.

Victoria Edwards from Hawkins Hatton, Steve Thompson and John Haden from Shirebrook FS

L-R: Victoria Edwards from Hawkins Hatton, Steve Thompson and John Haden from Shirebrook FS

More on this important topic:

As a business owner, you may have considered that at some stage you may wish to sell your business and retire. Have you thought of what planning you would need to do from a commercial and financial perspective? There are many things to consider such as the effect a sale would have on your staff, succession planning, Key man insurance and retirement planning.

From an employment perspective if you employ staff you need to be aware of the effect of Employment legislation and the protection that it affords employees. Disregard for the Regulations that govern the transfer of a business could result in employment tribunal proceedings and much money spent on costs in defending a case.

From a commercial perspective what are the best ways to ensure the continuity of your business, for the remaining key members of staff? On a personal note, ensuring that the sale of the business is handled in a tax efficient manner and also the many options available to you with regard to organising your pension benefits to replace the income from the business that will cease, are also key issues.

If you would like more information on this topic, please send us an email or telephone our Dudley office on 01384 256 361.

A preview of this seminar was recently featured in the Express and Star, read the article below:

Seminar's Top Tips On Selling Up

Owner managed businesses in the Black Country will be given top tips on how to prepare their companies for sale at a joint seminar organised by corporate lawyers Hawkins Hatton and Shirebrook Financial Services.

The seminar, on Thursday 6th March, is being held at Hawkins Hatton's offices in Castle Court, Dudley, and will cover a range of financial and employment topics designed to ensure a business is ready for sale.

Victoria Edwards, an associate solicitor with Hawkins Hatton, will cover the effects of employment legislation on business sales and the steps that need to be taken to protect staff. And she warned that a failure to comply with the regulations that govern the transfer of a business could result in costly employment tribunal proceedings.

From a commercial perspective, Steve Thompson, director of Dudley based Shirebrook Financial Services, will look at the best ways of ensuring continuity of the business for the remaining key staff members.

He will also provide guidelines on how to handle the transaction in a tax efficient manner and the most effective ways of replacing lost income from a business sale through retirement planning.

"At some stage owner managers have to consider what are the best options when selling their business and this free seminar is designed to help them" said Victoria Edwards.

 

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