Success Story

Incorporation and merger success

Hallidays supported Cunninghams Solicitors to incorporate and merge their business, making significant tax savings and obtaining a huge goodwill valuation. We ensured they had the right people and systems to drive their business forward.

Before

A partnership that was not taking advantage of the tax savings incorporation could bring.

Cash flow challenges that, as with most businesses, needed addressing.

The daunting prospect of all the financials and disruption a merger could bring and concern that it would affect ongoing business.

The headaches and issues that manual recording brings along with the responsibility and changing legislation associated with running your own payroll.

After

Hallidays recommended incorporation, securing a huge goodwill valuation that resulted in a massive tax saving along with ongoing tax savings on profits on a year-by-year basis.

Apart from the incorporation and tax saving benefits, which aided cash flow, Hallidays also prepared budgets and cash flows for the bank. This improved decision-making within the business and enabled an increased overdraft facility to be obtained.

By providing advice on alternative structures and vehicles for the merger, Hallidays minimised disruption to the business and enabled Cunninghams to concentrate their time on their clients.

Hallidays' expertise in Payroll and IT reduced responsibility for the team and resulted in a computerised system, benefitting the whole practice by releasing time.

Outcome

Hallidays have provided advice and support throughout the incorporation process.

They are now a practice that can demonstrate to all their financial viability and strength in attracting new business. Cunninghams has the confidence to move their business forward and continue to grow, knowing it has the right people and systems in place.

Hallidays’ expertise in Payroll and IT also reduced responsibility for the team and resulted in a computerised system, which helped the whole practice by freeing up their time.

Cunninghams' thoughts…

“We have been working with Hallidays for a number of years now and their advice and knowledge of the industry has been invaluable to us. We at Cunninghams have been able to use the advice given by Hallidays to make better decisions moving forward. They have advised us on varying structures and the tax advantages of doing so, which enabled us to become the firm we are today. I have found Hallidays very knowledgeable and friendly, and they have become one of our trusted advisors.”

Richard Whipp Practice Manager, Cunninghams Solicitors

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