Wokingham Positive Difference’s main event in June was hosted as usual by Graeme Hobbs who introduced the workshop on Buying, Selling and Closing Businesses. These three very different paths were explored with a view to helping attendees increase their awareness of what is involved when making some life changing business decisions.
Attendees were afforded insights and expertise from local specialists within the field:
Michael Sharp, Director for Mergers and Acquisitions at Winnersh based FLB, offered his recommendations for the dos and don’ts of buying or selling a business.
When selling a business, Mike highlighted the importance of knowing what you want and having a clear exit plan, but also ran through other aspects including keeping any staff onboard with the process. For buying a business, attributes such as planning, funding and carrying out a due diligence were covered along with some typical legal aspects of a deal.
Gareth Roberts, Senior Partner and Insolvency Practitioner at KRE Corporate Recovery was joined by his colleague Lee Lloyd in his delivery of the ins and outs of closing a business. The audience learned the key stages of the process and the importance of having expert advice throughout in order to avoid unnecessary hurdles and delays in the solvent liquidation of a business.
Graeme Hobbs, Senior Partner from Hobbs Granger Roitt LLP summed up with his overview tips. He reminded attendees that a formal business plan alongside personal financial planning, and all linked to a vision, were key to realising the true potential of a business over its life.