Succession Planning

Winding up a business can be complex and time consuming. It can also be the last opportunity that you have to extract maximum value from your business life prior to retirement. Getting this aspect right should maximise a lifetime of dedication given to running and managing your business interests.

Preparing your business for sale to achieve the maximum return, executing a sale to ensure you are in safe receipt of the proceeds, and protecting the transaction from the ravages of taxation are all matters that require professional and trusted advisors to be at your side. Abbotts has a wealth of knowledge and experience in dealing with business sales in all circumstances from restructures, retirement, or the management of a financially distressed enterprise.

We provide services and advice that broadly cover the following areas:

Like an elite athlete, a business has to undergo rigorous preparation if it wants to look its best for its moment in the public spotlight. Preparing a business to achieve its maximum capital value prior to selling can often take years of lead time – as aspects of your business that attract buyers may be associated with the company’s culture, its relationship with the local community, or the detailed yet efficient layering of business systems. Businesses achieve maximum sale value when they demonstrate consistent earnings based on sound business practices, and an ability to run at a high level of efficiency under stable management.

Abbotts can help you prepare your business for sale, generate appropriate financial records and other documentation to present your business in its best light, while ensuring your commercial confidentiality is protected.

If you want to sell but are not sure where to to start, we can help with that to – Abbotts can act as the conduit between your business and suitable buyers. We can also assist you with designing sales strategies that protect your wealth, minimise your taxes on exit, and set you up with the best lifestyle or business opportunities for life after the sale.

Having worked long and hard to get yourself in a position to enjoy a financially secure retirement, it is critical that this stage of your business lifecycle be managed carefully. A good succession plan will help your business transition smoothly to the new owner. By planning your exit early, you can maximise the value of your business and help it to meet future needs.

Abbotts have a high degree of professional skill in structuring succession and retirement plans to ensure your peace of mind during this most critical stage of your family’s life.

As time passes your circumstances may change and having your succession plan up to date will ensure you are always ready in the event you need to leave earlier than anticipated. We can assist you to plan for your retirement and we can guide you through the processes necessary to achieve an efficient and effective transition to retirement.

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Unfortunately not all businesses prosper, and when a business begins to struggle financially it is critical that sound professional advice is sought to minimise the chance of a business failure. If identified early enough, your business may be able to be restructured and have new life breathed into it. We can assist with this necessary business restructuring.

It is not the case that all businesses fail solely through the failure of management – it is often bad health, or even a case of bad luck that can drag a business under.

Regardless of whether driven by internal or external factors, risks to your business have the ability to compromise both your business growth and personal wealth. Abbotts can provide ongoing advice on the management of business risks including the effectiveness of internal controls, insurable risks and credit risk.

Abbotts can also assist with the management of general solvency issues and management failures. If your business is entering into a period of insolvency and you are struggling to pay your debts on time, then it is likely that your financial position is going to deteriorate  and you and your family’s assets will be at risk. Abbotts has the professional skills, experience and business contacts necessary to guide you through the difficulties of managing the fall out from a business failure.

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Chris Higham

Partner, Abbotts Chartered Accountants

Chris has been a part of the Abbotts Team since 1987 and has worked in the accounting profession since 1983. He qualified as a Chartered Accountant in 1991 and was appointed as a Partner in Abbotts Chartered Accountants that year.

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