- "In the last 20 years our business has changed considerably…and as the focus of our business has changed, Bird Luckin have moved with us."
Alex Tanner, George Tanner (Shalford) Ltd - "Bird Luckin has looked after us incredibly well for over 60 years, they are pro-active and innovational - meeting all our needs to help us achieve our aims."
Richard Stubbings, Cliffords Limited - "I can honestly say that Bird Luckin are the best firm of accountants and auditors I have ever dealt with - and I don't say that lightly!"
Colin Webb, Walthamstow Stadium - "It's important for us to know that we will always be able to contact the right people to give us the right advice and support."
Jane Bennett, Bennetts Funeral Directors - "Although we deal mainly with one Partner … we also know that if we need to contact someone else who is a specialist in another area, we can get the advice we need quickly and easily"
Jeremy Ruggles, J.S. Wright & Sons Ltd - "Bird Luckin got us to a stage which would have taken us months - if not years - to reach on our own, and they got us there in a matter of weeks"
Matthew Sullivan, SNC Ltd - "You can be a good accountant, but if you don't have an understanding of the industry it can be very difficult. "There are two or three people we have regular contact with at Bird Luckin who know our business well, and it makes a difference.""
Robert Church, W A Church (Bures) Ltd - "The work which Bird Luckin has done for Boddingtons over the past few months has helped shape our future direction for the better."
John Warner, Chief Executive, Boddingtons Ltd - "Bird Luckin has acted for us since our inception 10 years ago. They have a very 'can do' yet highly professional attitude - we are very appreciative of their support and advice over the years."
Marlon Fox, Outlook Property Ltd
Succession - loosening the family ties
Two emerging trends in the small and medium-sized business sector seem to be conspiring to make family succession a thing of the past:
- Fewer business owners want or expect their children to step into their shoes
- Children of business owners are increasingly working outside the family business and not intending to take over from their parents
Young entrepreneurs these days seem more interested in building up their own business with a view to selling it on once it has become established.
Disposal options
With family succession becoming less of an option, business owners are faced with the problem of how to extract themselves from their business when the time comes for them to retire or move on to another venture.
Other than passing your business interests on to members of your family, the principal options for disposing of them are:
- Selling your share in the business to your co-owners or partners
- Selling the business to a third party
- Public flotation or sale to a public company
- Selling the business to the management or entire workforce
- Winding up the business
Exit strategy
Each of these options requires careful planning. Besides the complexities of the legal arrangements, there are important matters such as valuing your share of the business and timing the disposal to minimise your tax liabilities and maximise your gains.
These are matters in which we have considerable experience and expertise. Call us if you would like guidance on developing and implementing a business exit strategy.