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East Midlands Chamber News

Businesses get 'oven-ready' for sale at Derby networking session

Recently, Chamber members Loates HR and Dains Accountants welcomed business owners to the Cotton Shed in Derby for their ‘Oven-ready your business event’.

With a focus on succession planning the combination of expertise from three very different business speakers gave an overview from the perspectives of: wills, finance and people.

The key theme was preparation; if you fail to plan then you plan to fail.

Without the best business will in place, your business could be at risk of dying too when you pass away. Tricky topics to cover but essential if you want your legacy to be the continuation of your company. It’s essential to put your will on your business planning to do list and review it regularly.

Calling up an advisory company and saying you want to sell your business tomorrow for £10m is not the best way to get the most value out of your business. Planning is crucial and it can take three years to realise the best value highlighted Jenny Moore, corporate finance director at Dains Accountants.

Jenny said: "Management information should be top of your priorities; understand your assets, find best ways to tighten control of your overheads and make sure your working capital is good. How attractive is your business to buyers? That’s where advisors can help you."

You’re driving your bus but have you got the right passengers on board? That’s how Sarah Loates, founding director of Loates HR kicked off her spot.

Sarah said: "It’s critical to the likelihood of selling your business; the readiness of your management team and can they manage the business without you? Growing talent from within is the key. Developing your talent to support succession planning.  Ensure your culture and values are right too because if you’ve got the right passengers on the bus the last thing you want them to do is press the bell to get off."

The event finished off giving the stage to Chamber member Mee & Dee founder Maria Hanson where we raffled off a brick for the charities 2020 Vision Sherwood Forest holiday home for young families suffering a life-changing illness. Victoria Thomas from Cripwell Building Services was the winner who was delighted and promptly matched the prize with her own donation.

Thank you to everyone who came along and the hosts at the Cotton Shed, Darley Abbey Mills whose hospitality was fantastic.