After 40 years in the industry, May Edwards wanted to sell her small business and transition into retirement. She was a widow with no family available to support her with this transition. She had no clear plan and limited documentation to demonstrate the value of her business and its growth potential.
Problem
Her problem was how to market her business and get the best price as quickly as possible. This was her primary asset and best chance for a decent retirement.
Solution
May sought the help of her Accountant. She wanted as much help as possible, as the process was daunting.
Accountant’s Role
May’s Accountant assisted with the preparation of financial data and due diligence for the purchaser, and negotiations around purchase price and the structure of the transaction.
In particular, the Accountant provided detailed advice with a view to effectively minimizing the tax implications associated with the transaction and moving the proceeds into the most tax-effective environment.
The Accountant also provided a referral for a lawyer and worked closely with that lawyer throughout the transaction. The settlement of the transaction and handover process was seamless for both May and the purchaser, and the estate planning and financial planner referral allowed May to move on into retirement with financial peace of mind.
Benefits for Client
A stress-free transition into retirement and the successful sale of her business.
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