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Exit help for business owners

According to a recent survey by a leading national accountancy firm, over a quarter of small business bosses want to sell up...

This may not surprise you, but what is of great concern is that very few of the same business bosses have any form of exit plan whatsoever or understand the process of selling their business.

A further worry is that the business owners have at best a sketchy idea of what their businesses may be worth.

This news coincides with some recent success we have had working with an exit planning and disposals specialist. Hyde House has brokered the recent sale of Trisys a data storage firm for over £8m creating 2 multi-millionaires in the process.

It is often the case that business sales collapse during the process not because of price but because e.g. there are competing agendas of the shareholders and the process of disposal is far more complex and daunting to entrepreneurs than first imagined.

In the case of husband and wife management teams it can be the case that one partner’s reasons for disposal and need for cash is completely different to the other’s but that the dominant partner will communicate only one set of views and inadvertently put potential buyers off by appearing inflexible or overly cash hungry.

One business partner can often be more wedded to living with the business than another and can deliberately impede a disposal possibly because a life changing experience is feared rather than welcomed.

Minority shareholders can put up lots of obstacles to frustrate negotiations particularly if they do not openly welcome the majority shareholders suddenly becoming wealthy or more precisely wealthier than them.

In each of these circumstances the impartial negotiation skills of an intermediary is invaluable and can hold a deal together where otherwise it would simply crash and burn.

Barry Parsons, the proprietor of Hyde House, is keen to work with banks and accountants in the area in order to assist businesses owners of all sizes plan for and achieve successful exit from their businesses.

Barry says: ‘One of the pleasing things that has happened following recent successful business sales is that the accountants working on both sides have been keen to refer further clients to Hyde House.'

There appears to be a growing understanding that there are skill sets other than that of accountancy and law that are key to bringing the buyer and seller all the way through to completion.

It is imperative that owners seek advice on selling their business from someone who has created, acquired, managed and sold businesses in order to benefit from those experiences’.

To discuss how Hyde House can find you a buyer for your business and complete a deal please call us on 0333 3440 778 or email us at info@hhcbs.co.uk

 

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