Our client ran a small family company which consisted of a husband and wife, with two employees.
The business was profitable, but completely reliant on the husband who was working incredibly long hours. Over time he wanted to do less and work towards exiting the business but felt trapped - if he reduced his hours the profitability would suffer, and he needed to secure his family’s financial future.
Our client had received a purchase offer for part of the business they wanted to sell, however the sale was about to fall through as their previous accountant advised it wasn’t possible without incurring a large tax bill.
Once appointed, we liaised with the purchaser to carefully plan the sale so that it met all the objectives. We gained prior HMRC approval, allowing the trade to be sold at 10%, rather than the previous 46%.
Our client, a dentist, was originally employed by a dental surgery as an associate, but really wanted to have his own practice.
We have worked closely with him over the last seven years to make this a reality. He has now purchased his own dental practice, as well as the associated property, and is currently in the process of buying a second practice.
Jerroms is a trading style of both Jerroms Business Solutions Limited 08923059 and Jerroms GCN Limited 08433008. Registered office for each of these companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH