I’m a stakeholder…  get me out of here! 1 st  March 2011
Agenda <ul><li>Talk about my experience of building and selling a Company </li></ul><ul><li>The factors that I found impor...
In the beginning <ul><li>Start up  </li></ul><ul><li>Survival </li></ul><ul><li>Growth </li></ul><ul><ul><li>New challenge...
What Changes? <ul><li>Professional </li></ul><ul><li>Personal </li></ul><ul><li>Market opportunity </li></ul><ul><li>Mixtu...
My Own Experience <ul><li>AudioSoft </li></ul><ul><ul><li>I founded in 1995 </li></ul></ul><ul><ul><li>Grew very rapidly <...
The thought stage <ul><li>Reasons for sale? </li></ul><ul><ul><li>Approach </li></ul></ul><ul><ul><li>Co’s growth starting...
The chew on it stage <ul><li>If I did sell what do I want to do? </li></ul><ul><ul><li>Lie on a beach dreaming of selling ...
Research Stage <ul><li>My own research </li></ul><ul><ul><li>Various valuations etc </li></ul></ul><ul><ul><li>Other Compa...
Action Stage <ul><li>Worked with Randall & Payne </li></ul><ul><ul><li>Full audit </li></ul></ul><ul><ul><li>Advice </li><...
Action Stage <ul><li>Appointed BCMS summer holiday 2007! </li></ul><ul><li>Their process </li></ul><ul><ul><li>6 months </...
Accountants and Lawyers! <ul><li>Right fit with the business </li></ul><ul><ul><li>D&T? </li></ul></ul><ul><li>Why Randall...
Legal Advice <ul><li>Two options; </li></ul><ul><ul><li>BCMS recommendation </li></ul></ul><ul><ul><li>Accountant recommen...
The right team – why it is important <ul><li>Still running the business </li></ul><ul><ul><li>How many hours are there in ...
Summary <ul><li>Plan to make the Co fit for sale – timing is vital </li></ul><ul><li>Sale process – remember you must stil...
Selling the Business  Will Abbott LLB FCA Partner Randall & Payne LLP
Introduction <ul><li>Valuations </li></ul><ul><li>Tax </li></ul><ul><li>Strategies </li></ul>
Valuations <ul><li>Multiple of future sustainable earnings </li></ul><ul><li>Asset valuation </li></ul><ul><li>Discounted ...
Valuations <ul><li>Multiple of future sustainable earnings </li></ul><ul><li>Maximise the multiple (10+?) </li></ul><ul><l...
Valuations <ul><li>Start with historic profit </li></ul><ul><li>Adjust for unusual items </li></ul><ul><ul><li>Director re...
Valuations <ul><li>Usually apply 5-8 times  </li></ul><ul><ul><li>9/10 accountants will do this </li></ul></ul><ul><li>Oft...
Valuations <ul><li>PCPI average 11.2 times historic profit </li></ul><ul><li>Mean deal size £20m </li></ul><ul><li>Median ...
Valuations <ul><li>UK200 SME index P/E 6.8 </li></ul><ul><li>Mean deal size £2.65m </li></ul>
Valuations <ul><li>Debt free / cash free basis or Normalised working capital </li></ul><ul><li>Build up of cash in the bal...
The New Tax Regime <ul><li>Entrepreneurs’ Relief </li></ul><ul><ul><li>Lifetime allowance £5m gains at 10% (x2?) </li></ul...
Company Shares <ul><li>Trading company </li></ul><ul><li>5% of the shares & 5% of voting rights </li></ul><ul><li>Officer ...
Property <ul><li>ER if owned by Co & shares sold </li></ul><ul><li>But buyer may not want the property </li></ul><ul><li>U...
Tax Summary <ul><li>Much more restrictive regime </li></ul><ul><li>Loss of indexation on property assets </li></ul><ul><li...
Strategies <ul><li>Identify what are you selling </li></ul><ul><ul><li>Customer list </li></ul></ul><ul><ul><li>Product/se...
Strategies <ul><li>Find a strategic buyer </li></ul><ul><ul><li>Plc or private equity group - P/e ratios 15+,  </li></ul><...
Strategies <ul><li>Set up an auction </li></ul><ul><ul><li>Need 2 and more interested parties </li></ul></ul><ul><ul><li>U...
Strategies <ul><li>Confidence </li></ul><ul><ul><li>Business is worth what a buyer will pay </li></ul></ul><ul><ul><li>Con...
Strategies <ul><li>Start process minimum 3 years ahead </li></ul><ul><ul><li>Find the right advisors (solicitor/accountant...
Strategies <ul><li>Business plan </li></ul><ul><ul><li>Future strategy – Business Link: Growth Programme </li></ul></ul><u...
Strategies <ul><li>Due Diligence </li></ul><ul><ul><li>In house M&A team </li></ul></ul><ul><ul><li>Too many issues and de...
Strategies <ul><li>Make your own buyer </li></ul><ul><ul><li>MBO/BIMBO </li></ul></ul><ul><ul><li>Company purchase of own ...
I’m a stakeholder… …get me out of here! Peter Mardon Managing Partner Winterbotham Smith Penley LLP
Non-disclosure Agreement <ul><li>Confidentiality undertakings </li></ul><ul><li>Exclusivity (lock out) </li></ul><ul><li>C...
Heads of Terms <ul><li>Price </li></ul><ul><li>Payment terms </li></ul><ul><li>Deferred Consideration </li></ul><ul><li>Ea...
Due Diligence <ul><li>Paper trail (warranties and disclosures) </li></ul><ul><li>The right impression </li></ul><ul><li>Em...
Share Purchase Agreement (SPA) <ul><li>Operative parts </li></ul><ul><li>Warranties </li></ul><ul><li>Indemnities </li></u...
What to do Now <ul><li>Service Agreements for you and key staff with restrictive covenants </li></ul><ul><li>Tax planning,...
Stewart Barnes Strategic Development Team Business Link   I’m a Stakeholder… … Get me out of here or I want to be a Shareh...
Personal Background <ul><li>Stewart Barnes  </li></ul><ul><ul><li>10 years with £100m Hansen Group (third generation, priv...
Personal Learning <ul><li>Structuring a business to run it is different from structuring a business to sell it  </li></ul>...
Personal Learning <ul><li>The deal always takes longer than you think (minimum 6 months)… </li></ul><ul><li>… and you have...
Valuation <ul><li>Be realistic (when you are selling) </li></ul><ul><li>Can buy businesses very cheaply especially if the ...
Opportunity Knocks <ul><li>You may not be planning to sell, someone may come knocking  </li></ul><ul><ul><li>maximise sale...
Business Link   Many levels of assistance <ul><li>General Bulletins – Business  i </li></ul><ul><li>Seminars, Events, Work...
Any questions?
Upcoming SlideShare
Loading in...5
×

I'm a stakeholder... get me out of here - full presentation

645

Published on

Looking to sell your business? This presentation maybe just what you're looking for!

I'm a stakeholder... get me out of here!

This is the full presentation, which took place on 01.03.11 and Eastwood Park Training & Conference Centre, Falfield, Wotton-Under-Edge (South Gloucestershire).

Speakers included:
- Chris Brill
- Will Abbott
- Peter Mardon
- Stewart Barnes

Published in: Business, Travel
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
645
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
7
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

I'm a stakeholder... get me out of here - full presentation

  1. 1. I’m a stakeholder… get me out of here! 1 st March 2011
  2. 2. Agenda <ul><li>Talk about my experience of building and selling a Company </li></ul><ul><li>The factors that I found important </li></ul><ul><li>Answer any questions </li></ul>
  3. 3. In the beginning <ul><li>Start up </li></ul><ul><li>Survival </li></ul><ul><li>Growth </li></ul><ul><ul><li>New challenges </li></ul></ul><ul><ul><li>Excitement </li></ul></ul><ul><ul><li>Success </li></ul></ul><ul><ul><li>Rewards </li></ul></ul><ul><li>Sale? </li></ul>
  4. 4. What Changes? <ul><li>Professional </li></ul><ul><li>Personal </li></ul><ul><li>Market opportunity </li></ul><ul><li>Mixture of above </li></ul>
  5. 5. My Own Experience <ul><li>AudioSoft </li></ul><ul><ul><li>I founded in 1995 </li></ul></ul><ul><ul><li>Grew very rapidly </li></ul></ul><ul><ul><li>Won D&T award for fastest growing Co in SW in 2000 </li></ul></ul><ul><ul><li>Over expanded </li></ul></ul><ul><ul><li>Back on growth at 20% per annum </li></ul></ul><ul><ul><li>Co always profitable </li></ul></ul><ul><li>Sold to Ultra Electronics in August 2008 </li></ul><ul><ul><li>Met objectives of sale </li></ul></ul><ul><ul><li>Still with the Company </li></ul></ul><ul><ul><li>I have a boss! </li></ul></ul>
  6. 6. The thought stage <ul><li>Reasons for sale? </li></ul><ul><ul><li>Approach </li></ul></ul><ul><ul><li>Co’s growth starting to slow </li></ul></ul><ul><ul><li>Reached the point of inflexion </li></ul></ul><ul><ul><li>Consolidation </li></ul></ul><ul><ul><li>Didn’t want to be working my backside off with a smaller business </li></ul></ul><ul><li>Summer holiday 2004 </li></ul><ul><ul><li>5 point plan </li></ul></ul><ul><ul><li>Covered items like customers, IP, dependency on me, future revenue streams etc </li></ul></ul><ul><ul><li>Big question – Did I really want to sell? </li></ul></ul>
  7. 7. The chew on it stage <ul><li>If I did sell what do I want to do? </li></ul><ul><ul><li>Lie on a beach dreaming of selling business? </li></ul></ul><ul><ul><li>New startup? </li></ul></ul><ul><ul><li>Personal lifestyle issues </li></ul></ul><ul><li>How would it effect employees? </li></ul><ul><ul><li>Loyalty </li></ul></ul><ul><ul><li>Future </li></ul></ul><ul><li>The deep hard question - Do I really want to sell? </li></ul>
  8. 8. Research Stage <ul><li>My own research </li></ul><ul><ul><li>Various valuations etc </li></ul></ul><ul><ul><li>Other Companies in similar industries </li></ul></ul><ul><li>How would I sell the Co? </li></ul><ul><ul><li>Seminar </li></ul></ul><ul><ul><li>What effect on my time – I am running the business! </li></ul></ul>
  9. 9. Action Stage <ul><li>Worked with Randall & Payne </li></ul><ul><ul><li>Full audit </li></ul></ul><ul><ul><li>Advice </li></ul></ul><ul><ul><li>Knowledge and experience from a trusted source </li></ul></ul><ul><li>Appointed a Company which specialises in selling Companies </li></ul><ul><ul><li>Not accountants </li></ul></ul><ul><ul><li>Not solicitors </li></ul></ul><ul><ul><li>Not a friend of a friend </li></ul></ul><ul><ul><li>Sell your Company like you sell your product </li></ul></ul>
  10. 10. Action Stage <ul><li>Appointed BCMS summer holiday 2007! </li></ul><ul><li>Their process </li></ul><ul><ul><li>6 months </li></ul></ul><ul><ul><li>Generation of Information Memorandum </li></ul></ul><ul><ul><li>250+ prospective Co’s </li></ul></ul><ul><ul><li>Letters sent out </li></ul></ul><ul><ul><li>Meetings </li></ul></ul><ul><ul><li>Offers </li></ul></ul><ul><ul><li>Create a market </li></ul></ul>
  11. 11. Accountants and Lawyers! <ul><li>Right fit with the business </li></ul><ul><ul><li>D&T? </li></ul></ul><ul><li>Why Randall and Payne </li></ul><ul><ul><li>They know our business. </li></ul></ul><ul><ul><li>Size & resource </li></ul></ul><ul><ul><li>Relationship – dealing with a Partner </li></ul></ul><ul><ul><li>Response – Sat, Sun afternoon, on holiday. </li></ul></ul><ul><li>Why is this important? </li></ul><ul><ul><li>It’s a new experience </li></ul></ul><ul><ul><li>Still running the business – hence likely to be outside normal office hours </li></ul></ul>
  12. 12. Legal Advice <ul><li>Two options; </li></ul><ul><ul><li>BCMS recommendation </li></ul></ul><ul><ul><li>Accountant recommendation </li></ul></ul><ul><li>Why Winterbotham Smith Penley (WSP solicitors)? </li></ul><ul><ul><li>Size </li></ul></ul><ul><ul><li>Dealing with a Partner </li></ul></ul><ul><ul><li>Importance to them </li></ul></ul><ul><ul><li>Close relationship with Randall & Payne </li></ul></ul><ul><ul><li>Personal previous experience </li></ul></ul>
  13. 13. The right team – why it is important <ul><li>Still running the business </li></ul><ul><ul><li>How many hours are there in the day? </li></ul></ul><ul><li>New experience for the vendor </li></ul><ul><ul><li>Acquirer may be doing this all the time </li></ul></ul><ul><li>One thing I can guarantee </li></ul><ul><ul><li>There will be problems – Heads of Agreement meeting </li></ul></ul><ul><li>Reassurance for the buyer </li></ul><ul><ul><li>Post acquisition comments </li></ul></ul><ul><ul><li>Our acquirers were very complementary about the team </li></ul></ul>
  14. 14. Summary <ul><li>Plan to make the Co fit for sale – timing is vital </li></ul><ul><li>Sale process – remember you must still run the business </li></ul><ul><li>Professional advisors – engage early and get a team that is right for you. </li></ul><ul><li>Valuation – be realistic. There will always be an expectation gap. </li></ul><ul><li>Keep something on the table for the acquiring Co </li></ul>
  15. 15. Selling the Business Will Abbott LLB FCA Partner Randall & Payne LLP
  16. 16. Introduction <ul><li>Valuations </li></ul><ul><li>Tax </li></ul><ul><li>Strategies </li></ul>
  17. 17. Valuations <ul><li>Multiple of future sustainable earnings </li></ul><ul><li>Asset valuation </li></ul><ul><li>Discounted future cashflow (minority) </li></ul><ul><li>Specialist valuations: turnover multiples </li></ul>
  18. 18. Valuations <ul><li>Multiple of future sustainable earnings </li></ul><ul><li>Maximise the multiple (10+?) </li></ul><ul><li>Always lower than plc </li></ul>
  19. 19. Valuations <ul><li>Start with historic profit </li></ul><ul><li>Adjust for unusual items </li></ul><ul><ul><li>Director remuneration </li></ul></ul><ul><ul><li>One off contract </li></ul></ul><ul><li>Use weighted average </li></ul>
  20. 20. Valuations <ul><li>Usually apply 5-8 times </li></ul><ul><ul><li>9/10 accountants will do this </li></ul></ul><ul><li>Often for tax purposes </li></ul>
  21. 21. Valuations <ul><li>PCPI average 11.2 times historic profit </li></ul><ul><li>Mean deal size £20m </li></ul><ul><li>Median deal size £6m </li></ul>
  22. 22. Valuations <ul><li>UK200 SME index P/E 6.8 </li></ul><ul><li>Mean deal size £2.65m </li></ul>
  23. 23. Valuations <ul><li>Debt free / cash free basis or Normalised working capital </li></ul><ul><li>Build up of cash in the balance sheet </li></ul><ul><li>Valuation plus the cash </li></ul>
  24. 24. The New Tax Regime <ul><li>Entrepreneurs’ Relief </li></ul><ul><ul><li>Lifetime allowance £5m gains at 10% (x2?) </li></ul></ul><ul><ul><li>Individual allowance </li></ul></ul><ul><ul><li>Must be claimed </li></ul></ul><ul><ul><li>Business or part of owned for 12 months </li></ul></ul><ul><ul><li>Not business property or assets used unless </li></ul></ul><ul><ul><ul><ul><li>Sold within 3 years of associated disposal & </li></ul></ul></ul></ul><ul><ul><ul><ul><li>No rent paid </li></ul></ul></ul></ul>
  25. 25. Company Shares <ul><li>Trading company </li></ul><ul><li>5% of the shares & 5% of voting rights </li></ul><ul><li>Officer or employee </li></ul><ul><ul><li>Officer = director or secretary </li></ul></ul><ul><li>No substantial non trading activities </li></ul>
  26. 26. Property <ul><li>ER if owned by Co & shares sold </li></ul><ul><li>But buyer may not want the property </li></ul><ul><li>Use of SIPP or SSAS </li></ul><ul><li>EFRBS </li></ul>
  27. 27. Tax Summary <ul><li>Much more restrictive regime </li></ul><ul><li>Loss of indexation on property assets </li></ul><ul><li>No reward for long term ownership </li></ul><ul><li>Less reward for serial entrepreneurs </li></ul><ul><li>But CGT better than 40%/50% IT </li></ul><ul><li>Debt free/cash free disposals </li></ul>
  28. 28. Strategies <ul><li>Identify what are you selling </li></ul><ul><ul><li>Customer list </li></ul></ul><ul><ul><li>Product/service </li></ul></ul><ul><ul><li>Personnel skills </li></ul></ul><ul><ul><li>Knowledge/know how </li></ul></ul><ul><ul><li>Geographic presence </li></ul></ul>
  29. 29. Strategies <ul><li>Find a strategic buyer </li></ul><ul><ul><li>Plc or private equity group - P/e ratios 15+, </li></ul></ul><ul><ul><li>buying 5-8 times = immediate S/H value </li></ul></ul><ul><ul><li>Goodwill write off may be an issue </li></ul></ul><ul><ul><li>Goodwill = price less net asset value </li></ul></ul>
  30. 30. Strategies <ul><li>Set up an auction </li></ul><ul><ul><li>Need 2 and more interested parties </li></ul></ul><ul><ul><li>Use a selling agent </li></ul></ul><ul><ul><ul><li>Many Accountants do not have the resources </li></ul></ul></ul><ul><ul><li>Avoid value buyers and investors – low multiples </li></ul></ul>
  31. 31. Strategies <ul><li>Confidence </li></ul><ul><ul><li>Business is worth what a buyer will pay </li></ul></ul><ul><ul><li>Confidence in your own business </li></ul></ul><ul><ul><li>Instil that confidence in them </li></ul></ul><ul><ul><li>Be prepared to stay on </li></ul></ul>
  32. 32. Strategies <ul><li>Start process minimum 3 years ahead </li></ul><ul><ul><li>Find the right advisors (solicitor/accountant) </li></ul></ul><ul><ul><li>Get the skeletons out and sorted </li></ul></ul><ul><ul><li>Legal agreements, employment contracts </li></ul></ul><ul><ul><li>Audited accounts </li></ul></ul><ul><ul><li>Spend money to make money </li></ul></ul>
  33. 33. Strategies <ul><li>Business plan </li></ul><ul><ul><li>Future strategy – Business Link: Growth Programme </li></ul></ul><ul><ul><li>Build a management team </li></ul></ul><ul><ul><li>Prepare forecasts and meet them </li></ul></ul><ul><ul><li>Projections; but with buyer’s resources </li></ul></ul>
  34. 34. Strategies <ul><li>Due Diligence </li></ul><ul><ul><li>In house M&A team </li></ul></ul><ul><ul><li>Too many issues and deal is dead </li></ul></ul><ul><ul><li>No surprises beyond HoT </li></ul></ul>
  35. 35. Strategies <ul><li>Make your own buyer </li></ul><ul><ul><li>MBO/BIMBO </li></ul></ul><ul><ul><li>Company purchase of own shares </li></ul></ul><ul><ul><li>Unlikely to achieve 10+ times </li></ul></ul>
  36. 36. I’m a stakeholder… …get me out of here! Peter Mardon Managing Partner Winterbotham Smith Penley LLP
  37. 37. Non-disclosure Agreement <ul><li>Confidentiality undertakings </li></ul><ul><li>Exclusivity (lock out) </li></ul><ul><li>Costs indemnity </li></ul><ul><li>Enforceability </li></ul><ul><li>Limited disclosure </li></ul>
  38. 38. Heads of Terms <ul><li>Price </li></ul><ul><li>Payment terms </li></ul><ul><li>Deferred Consideration </li></ul><ul><li>Earn-outs </li></ul><ul><li>Taxation </li></ul><ul><li>Ongoing involvement (terms of service agreement/consultancy </li></ul><ul><li>Net asset adjustment </li></ul>
  39. 39. Due Diligence <ul><li>Paper trail (warranties and disclosures) </li></ul><ul><li>The right impression </li></ul><ul><li>Employment contracts (especially key employees) </li></ul><ul><li>Terms of business </li></ul><ul><li>Agreements with main suppliers/customers </li></ul><ul><li>Property (lease terms, asbestos reports) </li></ul><ul><li>Licences, etc. (e.g. Data Protection Act) </li></ul>
  40. 40. Share Purchase Agreement (SPA) <ul><li>Operative parts </li></ul><ul><li>Warranties </li></ul><ul><li>Indemnities </li></ul><ul><li>Completion accounts </li></ul><ul><li>Restrictive covenants </li></ul><ul><li>The Tax Deed (or tax covenant) </li></ul>
  41. 41. What to do Now <ul><li>Service Agreements for you and key staff with restrictive covenants </li></ul><ul><li>Tax planning, e.g. transferring some shares to your spouse, children, etc. </li></ul><ul><li>Terms of business and contracts with main suppliers/customers </li></ul><ul><li>Lease </li></ul><ul><li>Tidy up statutory books and records at Companies House </li></ul>
  42. 42. Stewart Barnes Strategic Development Team Business Link I’m a Stakeholder… … Get me out of here or I want to be a Shareholder… … Let me in there
  43. 43. Personal Background <ul><li>Stewart Barnes </li></ul><ul><ul><li>10 years with £100m Hansen Group (third generation, privately owned) </li></ul></ul><ul><ul><li>Overall responsibility for the group with 14 business units in 6 countries employing 1000 people. </li></ul></ul><ul><ul><li>Business Unit MD at 31, Main Board Director at 34; joint-CEO at 37. </li></ul></ul><ul><ul><li>Bought businesses in Sweden (2); Denmark, Poland, UK </li></ul></ul><ul><ul><li>Sold companies in Denmark (MBO, MBI) and UK (MBO) </li></ul></ul><ul><ul><li>10 years with Pilkington in sales & marketing management </li></ul></ul><ul><ul><li>Strategic Development Team assisting regional businesses to grow and develop. </li></ul></ul>
  44. 44. Personal Learning <ul><li>Structuring a business to run it is different from structuring a business to sell it </li></ul><ul><li>Prepare 3 – 5 years in advance to get best value (‘grooming’ though a high - performing business should be doing the following anyway) </li></ul><ul><ul><li>Grow turnover and profits over the period </li></ul></ul><ul><ul><li>Sell property and lease it back: sort lease </li></ul></ul><ul><ul><li>Write a business plan (clarity) and update it annually </li></ul></ul><ul><ul><li>Hit budgets, forecasts will be more believable </li></ul></ul><ul><ul><li>Build a management team (it is not about you) </li></ul></ul><ul><ul><li>Clear roles and responsibilities and contracts of employment </li></ul></ul><ul><ul><li>Improve processes: ISO 9001, 14001, IIP, EFQM </li></ul></ul>
  45. 45. Personal Learning <ul><li>The deal always takes longer than you think (minimum 6 months)… </li></ul><ul><li>… and you have to run the business as well. </li></ul><ul><li>Get advice from accountant/auditor - construct the balance sheet </li></ul><ul><li>Involve your solicitor (specialist) </li></ul><ul><li>Manage the advisors – do not let them manage you! </li></ul><ul><li>Understand the terminology – HoTs; SPA; due diligence; warranties; deferred consideration; information memorandum </li></ul>
  46. 46. Valuation <ul><li>Be realistic (when you are selling) </li></ul><ul><li>Can buy businesses very cheaply especially if the target is cash poor or in distress </li></ul><ul><li>Rules of thumb: </li></ul><ul><ul><li>Buy at four to five times earnings (PBT) </li></ul></ul><ul><ul><li>Sell at greater than eight times earnings (PBT) </li></ul></ul><ul><ul><li>Many aim for seven times earnings (PBT) which is on high side – depending on sector can be between 5.5 to 8. </li></ul></ul><ul><li>Other indicators: </li></ul><ul><ul><li>Sales factor can range from 0.4 to 0.6 of total sales </li></ul></ul><ul><ul><li>EBIT factor can range from 5 to 7 </li></ul></ul><ul><ul><li>EBITDA factor can range from 4.5 to 6.5 </li></ul></ul>
  47. 47. Opportunity Knocks <ul><li>You may not be planning to sell, someone may come knocking </li></ul><ul><ul><li>maximise sales value by having a plan rather than a knee jerk sale </li></ul></ul><ul><li>Management team may be the buyers </li></ul><ul><ul><li>beware of releasing the Genie from the bottle; minimal warranties </li></ul></ul><ul><li>Some “cheap” businesses may come available as companies run out of cash </li></ul><ul><li>“ What do I need to do now to help me?” </li></ul>
  48. 48. Business Link Many levels of assistance <ul><li>General Bulletins – Business i </li></ul><ul><li>Seminars, Events, Workshops </li></ul><ul><li>Business Advisers </li></ul><ul><li>Specialist Advisers – Finance, Innovation, Marketing </li></ul><ul><li>Strategic Development Team </li></ul>Call 0845 600 9966 www.businesslink.gov.uk/southwest
  49. 49. Any questions?
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×