YOUR MOMENT TO MAKE A DIFFERENCE by Karen Morris
Business development director and deputy CEO, Community Foundation for Lancashire
The decision to sell your business can be life-changing and as you reach this key milestone you’ll also be thinking about, and planning for, the future.
You will soon benefit from having more time and resources and may be thinking how you can now use this for the greater good.
You may have something you are passionate about, and have the ability to make a real difference, should you choose to do so.
However, you will need to act quickly, as the time window for making tax- efficient donations is limited.
It’s always worth considering how you would wish to act before embarking upon the sale process.
But sometimes business exit opportunities can come together very quickly, and so charitable planning conversations may need to be fast-tracked in order that you receive any charitable tax deduction due to you.
Your team of professional advisors should be able to provide bespoke advice to you around this.
Our role is to support individuals and business owners to make informed charitable investment decisions, and our team can help you explore the options open to you.
Like any financial decision, you will want to see your return on investment, and the positive social impact your giving has made. This is all part of our bespoke service.
We provide charitable giving expertise, sound management, and regular impact reporting, whilst connecting you to community groups who will ensure your investment makes a difference to the lives of those within Lancashire.
Tax-smart, strategic philanthropy can be a powerful way for you to leverage the sale of your business for good. Don’t miss this moment to make a difference.
THREE VITAL QUESTIONS BEFORE YOU SELL by Tim Grover
Senior associate solicitor, Harrison Drury
When it comes time to sell your business there are many factors to consider. Here’s three fundamental questions to ask to start the process.
How much is my business worth?
A crucial element of any sale is ensuring you get fair value.
Overvaluing the business may deter buyers but there’s also a risk of loss of value if you fail to understand its true worth and potential.
There are many factors that can impact value, such as assets, financial performance, growth potential, market trends and comparable sales in the industry.
Seeking advice from a specialist corporate finance accountant or business broker can help you understand market value and maximise your return.
How do I maximise value when preparing for sale?
The process of making a business
an attractive proposition for potential buyers should start well in advance.
It involves things like ensuring all laws and regulations have been complied with and licences are in place.
You should address any issues that may raise concerns for buyers, such as financial records, legal and contractual obligations, supplier relationships, contracts with employees, or pending legal matters.
When is the best time to sell?
The timing of a sale can make a significant difference.
It’s essential to consider internal and external factors. Internally, you may want to sell when the business is performing well and showing steady growth, as this will likely yield a higher valuation.
Externally, the state of the market and the industry can influence the demand for businesses. Be aware of economic conditions, industry trends, and any changes that might affect marketability.
Trusted legal partners to businesses, individuals and families
Visit our website or call 01772 258321 to find out how we can make it possible for you and your business.
www.harrison-drury.com Offices throughout
Lancashire and Cumbria LANCASHIREBUSINES SV
IEW.CO.UK
Selling your business? Now is the time to look at charitable investment.
We support individuals, businesses and professional advisors to make informed charitable investment decisions for themselves, or on behalf of their clients.
Options include:
• Setting-up a personal / business foundation • Establishing an ‘in memory fund’ • Transferring the burden of running a charitable fund • Leaving a legacy / gift in will
Our expert advice, sound management and due diligence support service makes charitable giving easy, tax-efficient and robust.
To discuss your requirements contact: Karen Morris Business Development Director and Deputy CEO
karen.morris@
cflm.org.uk 07973 409858
www.lancsfoundation.org.uk @lancsfoundation Registered Charity Number: 1068887
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SELLING A BUSINESS
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