Professional Services: Case Study 2

Background

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

The Benefits to the Client

  • More informed on estimated financial position at completion for the firm and for each partner
  • Greater confidence throughout the transaction
  • Issues identified and resolved quickly allowing transaction to complete in line with original timetable
  • Allowed client to focus attention on other aspects of including integration of staff and transfer clients to new owner
  • Minimised tax liabilities

The Plus Factor in Action

  • We helped our client make money by increasing the consideration payable through challenging some of the financial aspects of the business transfer agreement early on and also negotiating the accounting policies for work-in-progress valuation
  • We saved our client time by providing support on those areas where they could benefit from our expertise through the acquisition process allowing them to focus on other key aspects of the deal
  • We gave our client peace of mind by providing them with financial projections and tax calculations which helped them determine the terms on which the deal would work well for them financially, and reviewing the legal agreements to highlight and address risks and uncertainties
  • We supported our client now and in the future by providing post-completion accounting support and personal tax advice

The plus factor in action

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