Case Study: Business Transfer IT Services Company
Selling a business can be an arduous and stressful matter. There’s so much to think about-how to find the right buyer, how to maximise value and more. You’ll need to get your books and records in order, make sure the statutory filing and registers are up to date, prepare financial records for disclosure to potential buyers, think about the implications for your staff and much more.
All this while running your business as usual-if you’re selling your business as a going concern, you need to keep it going. Maintaining or even growing revenues will help you achieve the best price.
At PWH, we’ll bring our wealth of experience to help every step of the way.
Our long-standing client, Phil advised us of his intention to bring his retirement plans to fruition and asked about his options regarding the sale of his IT services business.
We were able to advise on the various options available, and the tax and other consequences of the various routes he could go. Having settled on a tax-efficient strategy, we were able to advise on marketing options to maximise the sales value.
We were also able to identify another PWH client, Andy, for whom this business appeared to be a good potential fit to add to his current business. With Phil’s permission, we put our two clients in touch for an initial discussion. The meeting proved fruitful and a provisional deal was struck to sell the business.
PWH were then able to broker negotiations to reach a final agreement, which we drew up with the agreement of both parties, assisting with all the inevitable paperwork and tax planning.
The business transfer was completed with no hiccups, and the business continues to thrive under its new ownership.
Phil achieved a successful sale of his business for fair consideration and minimised tax and is now able to spend his time doing things (perhaps) more interesting or fulfilling than IT services and support, happy in the knowledge that his former customers are now being looked after by a well-matched successor.
Andy was happy to have been presented with the opportunity to add Phil’s business to his existing business, and of course, PWH will be there for the long-haul to help him achieve his own goals.
Andy says: “This acquisition has boosted my business massively, and PWH Accountancy were fantastic right from the initial introduction all the way through to brokering a deal that Phil and I were both happy with.”
Whatever stage of your business journey you are on, from starting out to stepping down, speak to PWH to see how we can help you achieve and exceed your goals.
All initial meetings are free, so you’ve nothing to lose, unless we make bad coffee – and we don’t! Ring, Email or just pop in.