4 minute read
ACCOUNTANCY | 7
Question:
How do I know if my ideas are worth pursuing? Response: As we are not emotionally invested in your business, we can act as a sounding board for your ideas. We help to find the solution based on our wealth of experience and large bank of knowledge. Many clients benefit from our external expert opinion, acting as a fresh pair of eyes on your business to highlight any opportunities which may have been missed previously.
Question:
What does success look like to me? Response: Success isn’t necessarily always about profit or the bottom line. It could be something as simple as finding the funds to afford a new employee or invest in new machinery, or even longer term such as being confident you can exit the business and still live a comfortable life financially. It’s important for us to understand what success looks like to you and whether you need help to bring your vision to life. Our mantra is to make your success our priority so it’s our aim to be clear about what your goals are and how we can help to achieve them. We can then involve the relevant in-house expert when required.
Question:
As an established business is our structure still the best for us financially? Response: There are so many areas to consider which may have been in place for years, such as checking you are on the correct remuneration package or that the structure/shareholding of the business is appropriate. When is the last time you looked at overall tax planning for you personally and the business? Are you protecting your wealth in the most efficient manner? If you are considering restructuring or just need to know more about this area, talk to us and we will be able to give you the expert advice you need.
Without knowing what business worries you are trying to make sense of, or what change you need, we can’t start to provide the advice to help make it happen. Take time to talk and together we can make change happen and ensure your business continues to move forward. There will always be times when we don’t know we don’t know. Let’s start the conversations to change this.
Bite-Sized Thinking
› Are your monthly figures timely, accurate and understandable?
› What does success look like for you and your business? › Do you need help with your strategy and plans?
To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
We give our clients the confidence they need to take that next step
The Beeswax Wrap Co. case study illustrates how important an accurate valuation and the best finance option can be to starting a new business journey.
We’ve been helping businesses to grow their future since 1879 and we pride ourselves in offering a personal, in-depth service – getting to the heart of what you need to succeed.
If you are considering a change to the structure of your business, such as an MBO for instance, it has been our experience that basing decisions on an accurate valuation and having access to different funding options from the beginning of the process will definitely help to offset any challenges.
In the case study opposite, Fran at The Beeswax Wrap Co. was referred to us for a valuation after a discussion about the future of her business. With so many unknowns, an accurate valuation was an essential tool to provide the starting point to begin effective negotiations for the management team in place at the time. Having an expert establish the value of your business will help with negotiations so that all parties have a clearer understanding of value.
We offer two types of valuation report: 1. Short Form – typically 2-3 pages long which summarises the key valuation drivers associated with the business.
2. Long Form – a more in depth version with greatest strategic value as the output can directly filter into actions to increase business value.
Any healthy negotiation needs to be an informed one. Without knowing what a business is actually worth negotiations can be strained if an owner has a biased or uninformed view of their business’ worth. The business valuation can then form the basis of discussions when seeking the funds to finance the transaction with the various lending options.
We have helped our clients fund millions of pounds’ worth of life-changing projects, so our knowledge and contacts allowed us to effectively source the correct lender for Fran’s needs to ensure the transaction was right for the business moving forward, which will preserve the future of the company.
Whether you’re aiming for an MBO, an acquisition, to sell your business or raise finance, we have the experience and expertise to discuss your options and provide vital advice.
