Start Up: Case Study

Specialist Packers

An ex-employee was offered the opportunity to buy a specialist packing business off her old boss.

Having never run a business before, this required some serious thought. Our client and her husband wanted to explore the opportunity to establish whether to take the financial risk, as well as give up their jobs.

We were recommended to them by their Financial Adviser because they wanted accountants who could explain in plan English regarding what they would be taking on and whether it was a viable business. We started by understanding their motives for purchase and explaining how best to structure a business to achieve their aims. We also equipped them to ask the Seller relevant questions and establish their lending requirements from the bank. Having done all of that they asked us to undertake a formal due diligence on the business as this was a formal request from their bank.

We took this opportunity to deliver a much more detailed analysis of the business and identified areas of potential growth, as well as the formal report for their bank. They decided to go ahead with the purchase.

We set up their Company to ensure it ticked their boxes on legal liability and tax-efficiency. We helped them set up their book-keeping, payroll and VAT systems. During the first year of trading we have answered many ad hoc questions as they have succesfully found their feet running a business for the first time.

The great news is that they have smashed their sales targets having realised the potential in their business for growth. We continue to meet them regularly and take care of their annual reporting, tax and accounts.

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