SHARE, GOODWILL & BUSINESS VALUATION SPECIALISTS

Transcription

1 SHARE, GOODWILL & BUSINESS VALUATION SPECIALISTS Welcome 1 Executive summary 2 Our focus & offering 3 Our approach 7 Meet the team 8 Our strategy 11 Why engage a specialist 12 How to contact us 13

2 1 Welcome to Vequity Intelligence We provide specialist advice on share, goodwill and business valuations, including the preparation of independent valuation reports. We are based in London and Leeds. We work with a diverse range of clients, some directly others indirectly, throughout the UK and Europe, including: Accountants, tax advisers, solicitors and independent financial advisers Corporate finance houses, the private equity community and venture capitalists Unincorporated businesses, sole traders, OMBs and partnerships SMEs and large private companies Public limited companies (PLC)

3 2 Executive summary Expertise Approach Strategy Location Clients Share, goodwill and business valuations including the preparation of independent valuation reports. A unique blend of traditional valuation methodologies, innovative financial modelling, high quality data analysis and commercial judgement Direct engagement, vanilla valuation and referral arrangement. Offices in London and Leeds, working throughout the UK and Europe Unincorporated businesses, entrepreneur, owner managed businesses, small to medium enterprises, partnerships, large private businesses and public companies.

4 3 Our focus & offering Transactions Advising on valuation issues surrounding incorporations, mergers, acquisitions, joint ventures, disposals, management buyouts and business exit strategies, including completion of HMRCs post transaction valuation check (PTVC) service. Employee and Investor Incentives All employee share schemes, whether statutory or nonstatutory, have actual or potential tax implications and the value of the shares used must therefore be agreed with HM Revenue & Customs. We deliver valuation advice on all aspects of incentive arrangements including employee share schemes and other types of cashbased bonuses and longterm incentives in the UK and overseas, including EMI and EIS schemes for investors. Intellectual property & Intangible assets Providing valuation advice across a diverse range of intellectual property and intangible assets including trademarks, patents and goodwill. We liaise with nonshare valuation specialists to deliver valuation advice on foreign shares, foreign residential property, bloodstock, chattels (antiques, art and jewellery), boats, aircraft and a whole range of other assets.

5 4 Our focus & offering Divorce & Matrimonial proceedings We offer a discreet service in assessing the worth of the couple s business assets for divorce and matrimonial proceedings. We act as a single joint expert appointed by the court or a specialist party expert acting for an individual party. We are happy to help in the review of Form E and advising on ancillary tax and financing issues. Financing & Investment Advising shareholders, senior management and boards of directors of public and private companies that are evaluating strategic alternatives, looking to raise capital or considering mergers, acquisitions, joint ventures or divestitures. Business recovery & restructuring Our valuation advice covers insolvency, liquidation and restructuring. Whilst a business is no longer able to trade viably, it may still have intangible assets with material value; in some cases, these may form the dominant component of value. This value needs to be recognised within the consideration for a trade or direct sale, in order to properly satisfy and safeguard the interests of creditors.

6 5 Our focus & offering Tax purposes When carrying out valuations for tax purposes it is important that they are carried out on the correct basis. Our valuation advice covers Capital Gains Tax, Inheritance Tax and Stamp Duty Land Tax governed by the relevant statutes and subject to HMRCs post transaction valuation check (PTVC) service. Incorrect valuations can be challenged by HMRC and the taxpayer may be faced with having to pay not only interest on any additional tax payable but penalties as well. Shareholder disputes & resolution Our valuation advice is delivered to a range of parties including Minority Shareholders Perspective, Majority Shareholders and Partners, Unfairly Prejudiced Shareholders, Wronged Partners or Quasi Partners and Dissident Shareholders. Our services may be required when there has been a breach of directors duties, the company s strategy & management changes, changes in dividend policies, disparities between salaries, separate business interests arise, failures to provide financial, accounting and statutory information, exclusion from meetings and breaches of shareholders agreements/ partnership deeds.

7 6 Our focus & offering Share buyback & Capital reductions Following the introduction of the Companies Act 2006, private companies are able to make a reduction of capital without needing court approval. Our valuation service advises directors as to the value of nominated shares helping to determine the price a private company will pay for the shares. Independent valuation reviews Following an independent valuation, material changes in a company s worth can occur due to a number of reasons including, but not exclusively, winning or losing a major client, loss of key management and changes in the company s market relationships. Our independent valuation review service will assess the previous valuation, examine any factors resulting in a material change of the company s worth and advise as to any results from out independent review. Expert Witness We provide expert witness testimony and forensic consulting on a wide range of share and business valuation issues, including fair market value. We are familiar with the provisions of Part 35 of the Civil Procedure Rules and the associated Practice Direction, and the CJC Experts Protocol.

8 7 Our approach The Vequity Intelligence approach is a unique blend of traditional valuation methodologies, innovative financial modelling, high quality data analysis and commercial judgement. Traditional valuation methodologies Valuations based on multiples of future earnings and the capitalisation of future cashflows are the most common. In some industries, there are established criteria for valuing businesses. We identify the correct approach to take, this can be determined by an authority e.g HMRC or by examining the circumstances surrounding the valuation. High quality data analysis Every valuation assignment is bespoke. Our team goes into a high level of detail when analysing and conducting research for a valuation, including: Insight from industry experts UK and EU case law Micro and macro economic data Industry benchmarks Live market statistics inc. M&A & IPO deals Innovative financial modelling We use traditional valuation methodologies as a seed to create our innovative financial models. Our innovative finanial models are based on a set of rules derived from: Industry benchmarks Sector behaviours Geographical locations Historical data Commercial judgement We utilise our team s diverse background of experience, which includes over 72 years in accounting, direct taxation and share valuations. Combining our experience with insight from industry experts and sector specialists we are able to apply sound commercial judgement to our valuations giving you greater certaintiy in the result of your valuation.

9 8 Meet the team Stephen Burwood Partner Stephen is a founding partner at Vequity Intelligence. His focus is on the financial and anxillary taxation issues that surround share and business valuations. Experience Stephen has specialised in direct taxation for over 30 years, prior to Vequity Intelligence he has held senior positions with some of the professions largest firms. Stephen is recognised in the tax world as an expert in the area of transactional tax, he is the author of a number of tax reference publications and was the editor and then consultant editor of Tax Advisor, the journal of the Chartered Institute of Taxation for a number of years. Stephen s expertise covers: Transactional tax Employee share arrangements Share, goodwill and business valuations Qualifications & Memberships: CTA, MIoD

10 9 Meet the team Nicholas Stobbs Partner Nicholas is a founding partner at Vequity Intelligence. Nicholas focuses on the technical aspects of valuations including financial modelling and high level data analysis. Experience Nicholas background in law, economics and finance gives him a sophisticated grasp on even the most technical aspects of financial modelling and traditional valuation methodologies. Nick s real passion comes from a developing a detailed knowledge of the clients business, understanding the business environment and working with them to dewliver their valuation objectives. He has developed his own set of sophisticated financial models tailored tfor specific industries and sectors throughout the UK and Europe. Nicholas expertise covers: Share, goodwill and business valuations Financial modelling High quality data analysis Qualifications & Memberships: LLB, MSc

11 10 Meet the team Peter Chandler Associate Peter is an associate at Vequity Intelligence. Peter has a wealth of experience in general practice accounting and provides a solid foundation to all our valuation assignments. Experience Peter has over 25 years experience at partner level at one of East Anglia s largest independent firm of accountants. Peter was admitted to membership of the Association of Chartered Certified Accountants in November In the following 35 years Peter has dealt with a broad range of clients providing advice on the sale of their business, mergers, acquisitions, business expansion plans and business exit strategies. Stephen s expertise covers: General practice accountancy and taxation Business exit strategies Management accounting, forecasting and financial monitoring Qualifications & Memberships: FCCA

12 11 Our strategy We work in partnership with a diverse range of professional advisers, sitting on their shoulders and parachuting in when specialist valuation advice is required by their clients comparisons can be made to the relationship between a general practitioner (GP) and specialist consultant in the medical field. Our expertise is retained on a regular basis by: Accountants, tax advisers, solicitors and independent financial advisers Corporate finance houses, the private equity community and venture capitalists Our valuation strategies are designed to deliver first class valuation advice for every assignment. Our valuations are delivered via two strategies: Vanilla valuation delivered to the client via an intermediary, usually a professional firm e.g. an accountant. Referral arrangement on a fee share basis allowing Vequity Intelligence to deliver a valuation directly to the client.

13 12 Vequity Intelligence: Why engage a specialist? Understanding of complex issues Share, goodwill and business valuations can be a very complex. As specialists we understand the complexities and keep abreast of the many and regular statutory and nonstatutory developments relating to share and business valuations. Expertise & Resources We have the expertise and resources in order to identify the correct valuation approach. This is vital in delivering a robust valuation. Agility We have the ability to adapt, anticipate and respond quickly to meet complex client requirements. We are flexible in our approach allowing simple integration within your structure whilst utilising our expertise. Reduction of risk involved We reduce your clients exposure to risk when undertaking a valuation. Guarantee We guarantee every valuation and will defend any challenge by an authority e.g. HMRC at no additional cost.

14 13 How to contact us We welcome the opportunity to discuss our valuation capabilities and any valuation requirements you may have. In the first instance please contact Nicholas Stobbs: Tel: +44 (0) We look forward to speaking with you, in person, soon. Our offices are located at: 60 Lombard Street 1 City Square London Leeds EC3V 9EA LS1 2ES Tel: +44 (0) Tel: +44 (0) Fax: +44 (0) Fax: +44 (0)

15 Transactions Employee & Investor Incentives Intellectual Property & Intangible Assets Divorce & Matrimonial Proceedings Financing & Investment Business Recovery & Restructuring Tax Purposes Shareholder Disputes & Resolution Share Buyback & Capital Reduction Independent Valuation Review Expert Witness

16 Vequity Intelligence LLP Vequity Intelligence means Vequity Intelligence LLP. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication.