The team at Optimum have been supporting a client, a construction company, for a number of years with a host of accountancy services, including accounts, tax and payroll.
As the company’s and directors’ needs changed, Optimum’s work moved on to succession planning. With one director wanting to retire from the stresses and strains of running a business, his co-director didn’t want to remain solely in charge and continue to drive the business forward.
One option was to look for a new co-director, which had been explored in the past but the role requirements were difficult to fill. The other was to look for a buyer, and it was this route that proved fruitful, as there was interest from several other construction firms.
We worked with the directors of the business to find a solution that satisfied them both and helped the business to continue. The company was taken over, with one director staying on in a consultancy role, which suited his interests in retaining a foot in the construction sector without the responsibility of running his own business. The other director was happy with a settlement and having the opportunity of pursuing new ventures.
Importantly, as part of the negotiations process Optimum was able to ensure all the staff were retained by the new owners.
The legal team at Optimum supported the takeover by drawing up the share sale agreement, which whilst containing the important details was user friendly for both parties.
This is yet another example of the legal and accountancy teams within Optimum seamlessly working together in the best interests of the client, to ensure their succession planning was seamless.
It’s been great to assist the directors and company to continue their journeys. It is satisfying to see the name continue with new owners, alongside the staff being given opportunities to continue their careers. The ability to offer both the accounting and tax advice alongside the legal aspects of this type of deal in one place is particularly effective for clients.
If you need crossover legal, accountancy and/or audit support for your business – perhaps you run a construction company and are looking for an exit strategy – then please get in touch with Optimum.
We work with business owners in the construction sector in Swindon, Cheltenham, Wiltshire, Gloucestershire and surrounding counties.