Every business owner recognises the need for help with tax and finance, so they have an accountant. Likewise with legal and contractual matters a solicitor is a key adviser. But what about exit planning?
Starting, growing and running your business are key stages of a business owner’s journey. Yet the final stage of ‘exit’ gets little thought until the time to stop comes about. For many people, their business is how they will support themselves and their families for the rest of their lives. Get this final stage wrong and the consequences can be significant and have long-term impact.
In the past few months, several of our clients have completed or agreed their exits or explored the options and decided to retain their business. None of them originally anticipated retaining an exit planner to help in their decision making and support them in realising their plans. All of them are glad they did.
Here, a few of them share their experiences of working with Henchards, business exit planners:
Alister Gregson, formerly the owner of Fluid Hygiene, who sold his business to Spotless Cleaning:
“Approaching the age of 60 after having started and run my business for 30 years, my aim was to achieve a smooth exit whereby the business would obtain a new lease of life, power forward and allow all my key staff to be able to prove themselves with a new future/challenges, whilst having that solid continuity.
“Ian Parker came highly recommended and took me through what would become one of the most important journeys of my working career. We initially met monthly, then more often, for Ian to get a full understanding of my business then to go through all my options. This proved so valuable, and by way of elimination we came to a result that, was not only best for me personally, but also for Fluid and all those that worked for Fluid, and very importantly, best for my family.
“Without this guidance & support through this whole process I am sure I would still be in a position trying to fathom out what direction to go, the guidance, support & advice I received through this whole journey was nothing short of ‘priceless’.”
Steven Sellwood, formerly the owner of Selectabase, who agreed to sell the business via a management buy-out:
“After almost 30 years of building the business, I reached a point where I wanted to start planning for a future outside of Selectabase. I had lots of ideas and aspirations but didn’t know how to turn them into a practical exit plan. That’s when I reached out to Henchards.”
Ian Parker was instrumental throughout – a sounding board, a strategist, and someone who helped both sides stay focused on the goal.
“He brought clarity, gave great advice, and was there whenever I needed him. Without that support I think I’d still be stuck at the beginning, unsure how to move forward.”
Caroline Keetch, Founding Director of Halsey Keetch:
“Ian’s advice and involvement have been invaluable. Together we have worked on and progressed in key areas of focus such that the prospects for the business and our confidence in the plan are greatly enhanced.
“We’ve greatly benefited from Ian’s expertise; his calm, supportive approach has empowered us to thoughtfully navigate detailed business plans and ideas. At the same time, he has skilfully guided us through strategic concepts and exciting possibilities for our future direction, even when we have been unsure which route to take.”
“I’d recommend any business owner considering their options for the next stage of their business to talk with Ian”
Read the full testimonial and others here
As the owner of a business one thing is certain, your ownership will come to an end at some point. You might ask yourself how you want that to come about and what you want as a result. In all probability this will be a once in a lifetime event and the outcome will determine what you do next and the lifestyle you’ll enjoy. Is this something you want to take control of and plan for?
Here are a few sentiments we often hear from clients at the beginning of the journey:
“I hadn’t really thought through how I would step back from running and owning my business but having come to the conclusion that the time was approaching I realised I wasn’t sure of how to go about it”
“I had thought it was about selling up – as simple as that – but the reality was quite different. There was work to do on the business, decisions about the form of exit and my own journey to consider”
“I wasn’t sure of the questions to ask let alone know all the answers”
If any of this rings true and you are two to five years away from wanting to be in a position where you have the choice to step away from running the business and some options about selling, it would be a good time for a conversation.
Contact Ian Parker on 07966 777797
Or email: ian.parker@henchards.com