corporate acquisitions & disposals 23 Making a graceful exit
With corporate disposals in the Thames Valley picking up, more business owners are finding themselves on the brink of what is, for many, a lifelong dream: cashing out of a successful enterprise. But, as wealth management expert Toby Johnson of UBS explains, banking the cheque is just the beginning
“Over the years I’ve learned that even the most pragmatic person can be superstitious when it comes to closing that final deal,” Johnson says. “People engaged in the exit process often tell me they can’t think about what they’ll do with the proceeds until the deal’s done because they don’t want to tempt fate. In fact, the earlier you start thinking about what to do with that money, the better your outcomes are likely to be.
'In the SME-dominated business landscape of the Thames Valley I deal with a lot of self-made owner managers who feel the time is right to bow out and enjoy the fruits of their labours'
“We primarily deal with people who have around £1million or more to invest and 90% of my clients are entrepreneurs or owner managers who have exited or partly exited their business. If you’re exiting a business you’ve built up over 20 years with a view to retiring, the money from that sale will probably need to last longer than the time it took you to make it. When you think in those terms, it suddenly becomes very clear why putting the right financial plan in place from the start is so important.”
Thanks to its network of advisers based all along the spine of the UK, UBS has established an unparalleled reputation as the go-to source of financial solutions for high-net-worth individuals. Switzerland- headquartered UBS is the world’s largest wealth manager and has been recognised as 2014’s Best Global Private Bank in the prestigious Euromoney survey, but the bank also has a strong focus on regional expertise. For Johnson, dispelling the myths around wealth management is an important challenge.
“There’s a misconception that high-net- worth individuals gravitate to London, but that’s not the case. The South East was recently dubbed ‘Britain’s entrepreneurial powerhouse’ by campaign group StartUp
THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2014
Britain and boasts 791,000 enterprises operating and thriving in the region. Thanks to its strong technology focus, the Thames Valley was resilient even through the financial crisis and now things are picking up again. That’s particularly important to me because I don’t just work in the area – it’s my home too. Having that empathy with my clients is really valuable because, before I can develop the right investment plan for a client, I need to get on their wavelength and help them understand what they’re trying to achieve in the long term.
“In the SME-dominated business landscape of the Thames Valley I deal with a lot of self-made owner managers who feel the time is right to bow out and enjoy the fruits of their labours. They’re facing the prospect of what I call a liquidity event; in other words, coming into a life- changing amount of money. That can be daunting in itself.”
According to Johnson, a good wealth manager is much more than just an encyclopaedia of investment options. “My first advice is usually to do nothing. Spend time coming to terms with what’s just happened, re-engage with your family and work out what you want your future to look like. I can help with this process by asking the right questions. Do you want to leave something for your children or let them make their own way in the world? Are there philanthropic causes you’d like to support, or even set up? Do you want to enjoy what you’ve earned while you have the health and energy to do so? Your investment strategy must be based on the answers to these questions.”
With key factors like pension regulations changing all the time, it pays to plan early for life after exit. “If you’re in the enviable position of considering an exit, there’s really nothing to lose and everything to gain by picking up the phone and starting a conversation,” concludes Johnson. “My aim is always to add value for the client – they’re not interested in one- size-fits-all solutions and neither am I. Wealth management is like a bespoke suit; it should be perfectly fitted for you by someone who’s taken the time to understand exactly what you need.”
Meet Toby Johnson
“I joined UBS in 2011 as part of the bank’s southern regional team, with a particular focus on the Thames Valley.
"Although I spend a lot of time in London and have an extensive network there, I’m based in Beaconsfield and that’s where my heart is.
“My goal is always to establish a relationship of trust – it’s not a nine to five job; my clients need to feel they can reach out to me any time.
"Being part of the local community, both professionally and personally, means I’m deeply invested in helping business people from my region reap the rewards of their hard work. It also means I have great links with the area’s professional services providers so clients get a complete advisory team.”
Details: Toby Johnson 07425-017263
toby.johnson@
ubs.com www.ubs.com
www.businessmag.co.uk
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