Mackrell Turner Garrett have presented a Business Masterclass, along with three industry specialists, aimed at informing business owners about the important preparatory steps they need to take in order to ensure they can exit or sell their businesses for the best possible price.

Held on 25 April, Mackrell Turner Garrett provided the legal framework with Broadstone Ltd and Evolution CBS providing wealth management, tax and strategic advice to the business owners.

The topics that were covered included:

  • the importance of setting clear personal and financial exit goals,
  • understanding business valuations and deal structures,
  • the criteria buyers will use to price your business,
  • the early steps you can take to increase this price,
  • and the essential “dos and don’ts” of selling a business.

Corporate solicitor Maung Aye talked through the various provisions which could be incorporated into a Shareholders’ Agreement and a company’s Articles of Association in order to ensure that shareholders have a clear exit route from their businesses. He discussed the concepts of pre-emption rights and “drag along” and “tag along” clauses and how these could be employed to achieve an exit.

Maung also discussed potential situations of deadlock between shareholders in a company and how these could be resolved by incorporating “Russian Roulette” or “Texas Shoot Out” mechanisms.

The presentations were followed by interactive, round-table workshops which provided the business owners an opportunity to ask their own questions and learn more from the specialists.

If you would like to learn more about any aspects of the Masterclass or you would like to discuss how to prepare your business for a sale, please contact Maung Aye at Maung.Aye@mackrell.com