The first area that springs to most people’s minds when they sell their business is the question “how much is it worth?”. Of course, you’ll want to maximise its value as much as you can. We can help you do this and prepare your business for sale. We’d start by sitting down and putting together an exit plan. We’d value your business and give you advice on all the tax aspects of the sale that you’d need to consider.
Selling your business to the management team you’ve created around you is another option to exit your business. But again, there are certain hoops that you’d need to jump through such as having the business valued. We’ll help you understand the management buy-out process, as well as help you structure the sale in a tax efficient way.
Another option is to pass your business to a family member, but with the assurance that the person has the skills and the ability to run it. You’ll also need to think about your own future finances and what you need to live on when you pass your business on. Family ties can sometimes cause additional tensions and emotions, which you wouldn’t experience if you were selling to a third-party buyer. Of course you’ll still need to have the business valued, but Wise & Co is on hand to guide, advise, and support you. We’ll discuss all the options with you analysing the pros and the cons.
Cyrus Norton and his partner Ray started the Digital Factory, a large format printers, in 1998 literally from a garage. They quickly established themselves in their key sector of exhibitions and conference work. Today the business turns over around £1million annually across a wide spectrum of large format products. They expanded in 2016 to a custom built factory in Farnborough, investing £1.7 million into new machinery and software. Some of their clients include Chineham Business Park, Leicester City F.C. and School Corridor Studios.