Legal firm utilises AAB experts for corporate finance and tax support
Case Study18th May 2021
Contributors
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Our Client
A legal firm disposing of their business requiring Corporate Finance, Accounting and Tax support.
Our Approach
- Prepared financial projections to establish estimated final current/capital accounts of the partners and cash position at completion
- Reviewed and negotiated financial aspects of the business transfer agreement
- Negotiated value of work-in-progress at completion on client’s behalf
- Prepared completion accounts within a short timescale to determine and agree final sales proceeds
- Advised each partner on their individual income tax and capital gains tax position and options for personal tax planning
- Provided post-completion accounting support and personal tax advice to minimise tax liabilities
The Outcome
- The firm and partners were more informed on estimated financial position at completion
- Issues were identified and resolved quickly allowing the transaction to complete in line with original timetable
- The firm was able to focus attention on other aspects of the disposition including integration of staff and transferring clients to the new owner
- By providing the partners with financial projections and tax calculations, they were able to determine the terms on which the deal would work well for them financially
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