Exit plans for business owners

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Owning a business brings with it a great deal of responsibility, but one area which can often be overlooked is succession planning. We help business owners to plan for such a time, ensuring that they achieve the best possible financial outcome.

For example, David (51) and Rodger (54) approached us for advice when, having previously never considered the sale of their business, they were made an offer which would help them to achieve the retirement they’d dreamed of.

What was their situation?

David and Roger owned a telemarketing company for 28 years. They started the business on their own with the help of their families.

Over the course of 28 years they grew the business from employing just themselves in a rented property on the outskirts of Belfast, to over 30 employees spread across two sites, which they both owned.

Having received offers for the company before but turning them down, David and Rodger now felt the time was right to consider a sale.

However, they were not confident that their dreams of retirement were going to be fulfilled and that they would have enough money to last long-term or to help their children.

How Fairstone NI helped

We met with David, Roger and their accountant. Together we discussed what they felt was a reasonable valuation to accept for their well-established company.

We put the clients in touch with a business sale specialist who worked with their accountant to prepare the business for sale and to build up interest in the company.

This allowed David and Rodger the control to enable them to achieve the right buyer for the company and the staff.

By working closely with David and Roger to understand their aims, we were able to research and develop a bespoke investment plan to generate enough income to fund their retirement in a tax efficient way.

The result?

David was able to buy a holiday home in Portrush and provide his children with money to help secure a better future for his grandchildren, and Roger was able to assist his grandchildren in repaying their University debt and start off their own catering company.

Get in touch

To find out more about how our financial advisers can help you to achieve your financial objectives – be it how to create a business exit plan, or otherwise – don’t hesitate to get in touch for an informal discussion with one of our team.