Business exit strategies were the focus of a seminar given by three Hampshire-based professional services firms.
Experts from HWB Chartered Accountants, Hybrid Legal and Asset Management Financial Advisers (AMFA) shared essential insight with owners and senior decision-makers representing more than 20 companies. The interactive event, featuring presentations and roundtable discussions, touched on many aspects of preparing for and structuring a business exit, sale or transfer.
On the agenda were the pros and cons of management buyouts, employee ownership trusts (EOTs), company purchases of own shares, sales to third parties and gifts to future generations.
The expert panel comprised HWB’s Tax Director Gemma Hedges and Senior Tax Manager Alan Rolfe, Hybrid Legal’s Director and Head of Corporate Mike Duggan, and AMFA’s Head of Advice Adam Keith.
Alan, who has 25 years’ experience of providing tax advice, said:
“We ran it as an informal roundtable discussion, inviting questions. We tried to make it not too technical in terms of the detail of tax and financial planning, but were keen to emphasise the importance of preparing in advance and being realistic and clear about what to expect from a business exit strategy."
“We discussed the need to get everything ready as regards tax compliance and legal contracts and we also touched on the ‘human aspects’ of business exit planning such as communicating well with family and staff.” Alan added:
“Participants said they found the format both engaging and helpful. We’ve had good feedback with people saying they welcomed the opportunity of an in-person rather than online event.”
Questions covered topic areas such as the complexities of EOTs, the reduction of Business Asset Disposal Relief applied to the first £1 million of capital gains involved in a business sale, and options around what to do with sale proceeds in retirement.
Among the attendees at the breakfast-time event were owner-managers and entrepreneurs from a range of business sectors. The Best Business Exit strategy seminar took place at the Chilworth Manor Hotel at Chilworth, near Eastleigh.
Gemma Hedges, who joined HWB in 2020, advises on a range of tax issues, particularly owner-managed businesses, tax enquiries, Inheritance Tax and Trusts & Estates.
Mike Duggan is an experienced corporate lawyer and business advisor whose CV includes 27 years as a senior partner at a Tier 1 international law firm.
Adam Keith manages a team of 10 financial advisers at AMFA which he joined in 2016, after seven years at NatWest in both financial advice and compliance roles.
HWB Chartered Accountants, founded in 1985 and based at Chandlers Ford, near Southampton, provides business and tax advice.
Hybrid Legal, founded in 2013 and based in Winchester, is an innovative, modern, fixed-fee law firm specialising purely in business law.
AMFA, established for 40 years and based in Southampton, Winchester and Bishop’s Waltham, has more than £500 million in assets under management.
Photo: BUSINESS ADVICE. At the Chilworth Manor Hotel, Hampshire, are Business Exit Strategy seminar presenters, from left: HWB Chartered Accountants’ Tax Director Gemma Hedges; Hybrid Legal Director and Head of Corporate Mike Duggan; Asset Management Financial Advisers’ Head of Advice Adam Keith; and HWB Chartered Accountants’ Senior Tax Manager Alan Rolfe.
