The final All Things Business – The Podcast of 2023 welcomes Mike Tillson, Corporate Finance Partner at Grant Thornton LLP, and Matt Thompson, Corporate Partner at Howes Percival LLP. They’re here to mark the release of the 2023 Northamptonshire Limited Report, which their firms have collaborated to produce.
This is the eleventh edition of the report, and a lot has changed since that first edition. Originally produced by Grant Thornton, the report is based on a review of the Top 100 privately owned businesses in the region, providing an insight into the region’s economic makeup. Ben comments that he is often championing Northamptonshire as more than just shoes and high-performance engines and that this survey illustrates that point handily.
The Value of the Report
Mike hopes that the report can add value across the board, introducing new businesses to each other and facilitating communication and collaboration. He also celebrates the amount of positive news in the report, with the number of employees, gross turnover, and EBITDA all up year on year across sectors.
In fact, EBITDA is up 22.5% year on year, which is the highest of any of the Eastern counties that Grant Thornton produces reports on. This has been primarily driven by exceptional growth in the technology and services sectors. Both Ben and Frazer mention how they can see the current buzz in the business community, with new ‘sheds’ popping up on industrial estates and new spaces like Vulcan Works all driving increased activity.
Exit and Succession Plans
The conversation move on with Ben picking the brains of the two seasoned business advisors on exit and succession plans. Both reiterate the need for readiness so owners can take advantage of the ideal money. Being ready will give an owner more options when the market is ready. They recommend thinking three to five years ahead in terms of business planning and ensuring the hygiene of the business in the shorter term. This means ensuring things like workspace and contracts are all above board and likely to be moving forward.
Once business hygiene is ensured, developing a plan for the future is of paramount importance. Buyers will want to know what the plan is, where assets will come from to support that plan, and who the team will be to execute it. There’s also the matter of setting the business up in the most tax-efficient way and managing working capital in a way that frees up money to maximise cash profit.
The podcast finishes up with finding out their ideal Christmas dinner party guests. Matt picks David Attenborough, Tom Kerridge and Freddie Mercury, while Mike chooses Richard Branson, Elton John and Barack Obama.
Merry Christmas and Happy New Year from All Things Business – The Podcast.
