ACCOUNTING, TAXATION & AUDIT WORK
Our services can be tailored to your exact requirements, in terms of statutory or management accounts and reports and regular meetings to review the financial performance of your business.
We have dedicated in house resources available to meet all of your accounting, taxation and audit requirements. We have a wide range of clients and experienced staff available to provide hands on advice and guidance on all aspects of sole trader, partnership or company accounting requirements.
We have state of the art IT book-keeping software (including Receipt Bank and Surf Accounts), to ensure that all VAT returns and management reports are up to date. The cloud-based software solution allows for real time management accounts and tailored reports.
We also provide fully outsourced payroll services.
We provide tax planning and advice as well as preparing and filing Income tax and Corporation tax returns for our clients.
Our Audit and Compliance partner, Mr. Martin Hill is a registered auditor through the Institute of Chartered Accountants in Ireland, ensuring that all CRO and Company Law reporting requirements are in safe hands.
Contact us today for a no obligation initial meeting to discuss your requirements.
MERGERS & ACQUISITIONS
Selling a Business
Selling a business is an emotive issue and it is critical to maximise the value at the time of the sale.
The sale should be at a time that suits you and does not need to be when you decide to retire.
If you are thinking of selling your business, we can assist you with the following:
How much is my business worth, and how does that compare to other businesses?
What do I need to do in advance of selling, to increase the value of the business and improve the chances of a successful sale?
What are the tax implications of selling my business, and do I need to take action in advance?
How do I go about finding a buyer, and confidentially managing the process?
How can I be sure that the buyer has the funds to acquire the business?
Do I want all my money up front, or am I prepared to work on with the new owners for a period of time, and perhaps share in the upside?
What is involved in the due diligence process and what preparation needs to be done?
When should I tell staff, and how do I tell them?
What legal and other documents need to be put in place?
How long will the process take, and what are the professional fees involved?
Buying a Business
Similarly, if you are looking to buy a business, it could be one of the biggest decisions of your career. Therefore it is important that it is carefully planned and professionally managed, so that there are no surprises when the deal is done.
Some of the issues in this area include:
How do I approach a potentially suitable business?
What information do I need to value that business?
What are the steps involved in making an offer?
What is the best legal structure of the deal?
How long will the process take?
What are the steps involved when and offer is accepted?
What due diligence needs to be carried out, and why it’s important?
Do the terms of the deal need to be re-negotiated or amended?
How will the deal be funded, and do I need assistance with bank or other funding?
How do I integrate the business into my current activities?
If you are thinking of buying, selling or restructuring your business, and would like to discuss any of the questions raised above, please contact us today for a no obligation meeting.
Unfortunately, not all businesses are successful, for many reasons; economic conditions change, changing customer demands or delayed payments. In some cases, particularly post Covid-19, businesses simply have too much debt. In other instances, limited companies can remain non-trading for several years, but still incur annual filing fee costs.
There are viable businesses and assets which can be salvaged, if restructured before it’s too late. These options can include:
Examinerships – where companies are given Court protection from their creditors for 100 days to try to come up with a rescue package. The company needs to be able to demonstrate that it has a reasonable prospect of survival, as part of the Court application. This can now be done at District Court level, so is less expensive than historically, when it could only be done through the High Court. The track record of success is reasonably good.
Formal or informal schemes of arrangements with creditors. These can be put in place by classifying creditors into various categories depending on their status and the categories can be negotiated with on a collective basis.
Debt restructuring or refinancing, perhaps over a much longer term, such as with Banks or the Revenue Commissioners.
Receiverships involve secured creditors taking legal ownership of certain assets, which are then sold to discharge the debt. Typically these are property or land assets.
A part sale of business assets to generate immediate cash flow, which could also be done by way of business merger with a similar sized entity.
We can provide advice and guidance on each of the above options, in addition to Members’ or Creditors’ Voluntary Liquidations. We also have access to the corporate insolvency resources of Grant Thornton, who are one of the leading advisory firms in Ireland in this area.
Contact us today for a no obligation initial meeting to discuss your options further.
Connors and Co.
Unit 12L Six Cross Roads Business Park
Tel: (051) 872 824
Connors and Co.
Chartered Accountants and Business Advisors,
Unit 3 and 4
Lower Walkin Street
Tel: (051) 872 824