A new service has been introduced by a firm of Trowbridge-based accountants to assist owners who want to retire from running their business.

The business succession routemaster has been set up by Monahans corporate finance team.

Working closely with the owner, the firm determines where the main value lies in the business, produces a plan to realise this value and sets strategies and objectives to help the owner reach their goals with ongoing support.

Peter Lugg, who heads up the team, said: "Business owners will at some stage want to retire from running their business and it is never too early to prepare for that moment.

"Grooming a business for a management buy-out, trade sale or succession through the family can be a lengthy process which involves a lot of effort to ensure it achieves its maximum price.

"Most people only sell a business once in a lifetime so they may not be aware of the many things that can impact the value of their business in the eyes of a potential purchaser.

"It is definitely a buyers market at the moment and owners must make their business as attractive as possible to even achieve a sale, let alone maximise the return they make.

"Factors that impact on the sale process are huge, but some key issues to address include minimising costs prior to a sale to maximise profits and ensuring employees are supportive of the chosen succession strategy. Others factors include reducing any reliance the business has on the current owners, ensuring all employment contracts are fully up to date, having a robust policy in place for handling debtors and creditors, developing a sustainable client base and ensuring the business is structured to minimise any tax implications," he said.

"We also review the options open to them, whether this is a trade sale, management buy-out or family succession.

"Our ultimate goal is to achieve the highest price possible for the business by attracting the right potential buyer, correcting any negativity connected to the disposal and addressing any issues arising from staff and other stakeholders," said Mr Lugg.