Establishing and running a successful business takes hard work, determination and all of your focus, so at Old Mill we understand that business owners and managers tend to concentrate on current activity, planning for the next three to five years rather than thinking about the long term.
But there will come a time when you want to enjoy the fruits of all that hard work and at that point will you sell your business, or pass it on to your children? How will you identify if there is someone in the business now who would make a great boss? And how will you realise the value of the business most effectively in order to provide financial security for your future?
Our experienced team can help you address all of these issues as part of your exit strategy or succession planning process. We have worked with a wide range of business owners over many years, putting long-term plans in place to help them sell their businesses, or hand over the reins to the next generation.
So while your focus may be on building the business, we can work with you now to make sure that your exit or succession strategy is in place when the time is right.
The specialist exit strategy and succession planning areas we can advise you on include:
Business succession is a key consideration for many of our rural clients – particularly for farming families, where the aim of successful continuation drives many of the decisions made on the farm.
At Old Mill we understand the importance of succession planning for rural business clients. By building close, long-term working relationships and gaining a clear understanding of your business aims and objectives, we can ensure the right transition plan is in place – whether you are looking to family succession or passing the business over to another entity.
Our experienced specialist advisers recognise the importance of family dynamics, and of understanding what each family member wants for the farm. Working with families to clarify objectives and consider the range of potential options available can be an emotive and sometimes uncomfortable exercise, particularly when addressing the succession of the farm. With a sensitive approach we can help you to consider succession plans that are fair and practical for all parties involved, and establish the clarity that is fundamental for building a succession plan.
We work with you to explore the long-term options and objectives for the farming business – from identifying the increasing cash needs as the farming family grows, to establishing the best overall tax position, and exploring possible diversification opportunities. We also work with other professional advisers, such as solicitors and land agents, to implement the succession plan; this can include preparing partnership and shareholders’ agreements, gifting assets, preparing wills, and creating family trusts.
The dynamics and demands of family farming businesses are complex and unique, and our team never underestimates the importance of our role as trusted advisers around the farm kitchen table.
All business owners will exit their business eventually so we work with chief executives, founders and managing directors in helping them define their path to succession by advising them on the different strategies available.
How can we help?
We help owner managers to navigate the challenges that come with securing the future for them personally and for the business itself. Often business leaders are concerned that the business is too reliant on them or they are struggling to identify and develop their next tier of leaders. They lack clarity over how and when they will be able to step out of the business (often leaving it too late) and worry whether their business will provide financial security for their future. Old Mill address all of these issues by working closely alongside you to map out the best solution.
The specialist areas we can advise on include:
• Valuing your business
• Selling the business
• Passing the business down through the family
• Passing the business on to key employee/managers
• Employee share ownership
• Cash flow modelling.
“Old Mill’s Xero specialist, Jude Bennett was phenomenal in helping us through this and was always readily available and accessible… she’s been unbelievable.”