FROM THE CITY TO CORPORATE EVENT MANAGEMENT
Our client had been an IT Consultant in the City. However, he’d reached that point in his career at which it was time to do something different. He wanted to combine his favourite pastime with a business idea. Consequently, he decided to start-up a corporate events company.
Menzies were appointed as his accountants and business advisors. Very quickly the business was enjoying growth and Menzies were enjoying an annual corporate event, hosted by their client! As the relationship between Menzies and the client blossomed, so did the business.
AN UNEXPECTED OFFER
Five years into the business, the client decided it was time for investment. He considered different avenues, before deciding to go down the Crowdfunding route.
Through the Crowdfunding process, the client received an offer for his business. Menzies were mentoring him through the process and were asked to assess the offer. Clearly, he was tempted to realise the funds after all his hard work and initiative.
However, this was where our relationship with the client and the trust we’d built became very important. Menzies could assist with the sale and of course, make the appropriate fees. However, we felt that it wasn’t the right time to sell as the client was still ostensibly in start-up mode and would not be realising the true potential value of the business. Menzies had a conversation with the client to challenge the reason for selling and explore whether the reasons met with the overall objectives of our client, even if the money looked attractive in principle.
The client concluded that the offer on the table didn’t ultimately align with his ambitions. The rejected offer became a watershed for the client to focus on his business ambitions and what an attractive offer should look like. Menzies continue to mentor the client offering strategic business and tax advice as well providing accountancy services and look forward to enjoying many more annual corporate events, hosted by our client.