Staff and clients covered as brokerage sells for a premium
An iminent increase in the rate of capital gains tax meant that time was of the essence for the partners of our insurance broker client as they sought to realise their investment. Having no expereience in selling a business and wanting to provide for the retention of staff and clientele, the heat was on to conclude a deal by 31 March 2008, the date on which the capital gains tax rate increased. Enter Azure Partners.
A comprehensive package for buyers
Profitable, with a portfolio of loyal clients and years of market experience, the business was in good health. Even with such an attractive selling proposition, however, there was much work to do if we were to find a buyer who would meet the partners' valuation and non-finance related conditions in the time available.
The policy pays off
After familiarising the partners with the processes involved in selling a business, we worked with them to establish their preferred sale options. By identifying the profile and needs of potential buyers, we then created a range of potential values for the business. Always mindful of the urgent nature of this project we assessed the tax implications and cost saving opportunities as developments unfolded, keeping the firm's partners informed at every step. Where appropriate we also retained and managed specialist advisors.
In three months from the initial engagement, having reviewed and advised on the commercial discussions and contractual negotiations, we had helped the partners achieve their goal. The firm was sold before the 31 march deadline - achieving a value beyond expectations.
The partners were delighted with the outcome:
"We wanted a quick transaction to take advantage of the lower tax rate, but without compromising the sales value. We had no experience of selling a company so we asked Azure Partners to guide us through the process and secure the maximum possible sale value while meeting our non-financial requirements. Azure Partners laid out for us what needed to be done and held our hands through the commercial negaotiations. Their input was invaluable: we completed the sale in just three months at a value in excess of the amount we had hoped for."
Partner - Insurance Broker
Call 0207 100 1233 or contact iain.mccusker@azurepartners.co.uk