Leona Bateman, Partner at Elsby & Co, explains why preparing for the future is important now.
Research published earlier this year revealed only nine per cent of UK businesses have succession planning fully integrated into their strategies, leaving many companies exposed to the risk of sudden leadership changes when owners decide to leave or retire.
Recognising that clients needed support in this area, Rushden-based Elsby & Co launched Elsby Corporate Finance service. It aids companies with succession and exit planning by helping them in areas such as business valuations and sales, inheritance tax planning, identifying their future needs and managing and developing key employees.
Partner Leona Bateman said: “Selling a business or handing it over to the next generation tends to have complex and unusual issues that can take time to implement.”
“The ultimate goal of exit and succession planning is to ensure a smooth and profitable transition for the business owner, whether they’re retiring or moving on to other ventures.
“Effective exit and succession planning is crucial to helping companies maintain the continuity of their operations, retain institutional knowledge and reduce the risks linked to leadership gaps.”
“It is also an important aspect of talent management and can significantly contribute to organisations’ long-term success.”
Elsby’s team ensures business owners have considered all sale options, including employee ownership, where a company’s staff hold shares or a stake in the ownership of a business, and management buy outs where a firm’s existing management team buys a majority or all of the ownership stake from the current owners.
Elsby has experience of business sales in many different markets and discretely supports clients through the whole process. It helps business owners to maximise their company’s value in the event of a sale or implement a smooth handover that all family members and shareholders feel comfortable with.
Once an agreement is found, Elsby can manage the process through due diligence to completion and then into the transition.
Leona added: “Elsby & Co has been supporting clients for more than 30 years and over the decades it has grown into an organisation which offers so much more than traditional accountancy services alone.
“Elsby and its complementary businesses can support clients with everything they need – from the start of their journey to the end and beyond.”
For further information, visit www.elsbyandco.co.uk or contact us on 01933 312950.