The Business Exchange Swindon & Wiltshire Edition 33: Oct/Nov 2017 | Page 17

Moving your business forward -
with succession planning in mind
In the last edition of the Business Exchange – when we were
Regulatory Accounting - we talked about using the summer months
to take a look at how your business is performing and working out
what can be done to make it more effi cient and profi table.
We’ve taken our own advice, and looked at how we can
drive our business forward, so have created Optimum, to
incorporate a legal division and with plans to add on more
services as we evolve.
If you’ve also taken the time to look at your business,
this should start to bear fruit.
As part of this process you will have been reviewing
your long-term goals for the business. This may include
succession planning, whether that be passing the reins to
the next generation, preparing your management team to
take over or an outright sale.
Whichever of these strategies you have in mind, effective
succession planning for key roles in your business (including
your own), is an essential element. Whether you are
grooming your senior management to take over or looking
to sell externally, having a committed, dedicated team in
place who can run the business without you will make it a
much more attractive proposition.
Also, take a look at your business dispassionately,
through the eyes of a purchaser. Your history and brand
may carry some weight, but a full order book, strong
customer contracts and recurring income will signifi cantly
enhance the value. Some clever investment in infrastructure
may also help you to achieve a higher price.
Now is a good time to sell your business. Businesses
that have made it through the last few years are eager
to expand through acquisition to future-proof their own
businesses. Couple that with low interest rates and most
lenders’ preference to lend for acquisition, and the market
is very buoyant.
There are also attractive tax reliefs still available for
business sales, although these may not be around forever.
It’s also important to do your own research on a
purchaser. It is likely that an element of the sale proceeds
will be dependent on attaining agreed targets for the next
year (or more). These can be centred around areas such
as sales, profi tability or net assets. Are they going to be a
good fi t for your customers and suppliers? If not this may
Jon Lacey, Optimum
have a big impact on your ability to achieve these targets.
We are helping some of our clients go through these
processes currently. If you would like advice on future-
proofi ng your business, please get in touch with the
Optimum team on 01793 538198.
THE OPTIMUM RECRUIT
With the launch of Regulatory Accounting’s new
brand, Optimum, they have appointed a new
practice manager, Tracey Heath.
Tracey has enjoyed a long career in offi ce
management and administration.
Jon Lacey said: “Tracey is the perfect
person to help and oversee the different
elements needed as we evolve and
develop the Optimum brand.
“Tracey is an invaluable
addition to the team
and her expertise will be
used to make our offi ce
operation more effi cient
for our clients and for
our staff.”
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THE BUSINESS EXCHANGE 2017
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