Charting a course to a secure retirement
Starting and running a successful business is always going to have stressful moments, while being very demanding and all-encompassing way of life, which means business owners deserve to be able to look forward to a comfortable and secure retirement.
There are various ways that successful business owners can achieve this, but one of the most obvious is through the sale of the business.
When it comes to selling what you have to show for a lifetime’s work, it is critical to make sure you get the right deal.
This is what Gary and Rita Beckwith OBE wanted when they instructed us to advise them on the sale of leading riverboat operator, City Cruises to Hornblower, a San Francisco-based dining and excursion cruise operator.
City Cruises PLC was founded in 1985 and comprises operations on the River Thames, plus City Cruises York, City Cruises Poole, ThamesJet and R.S. Hispaniola.
We have acted for and advised the business and its owners from those early days. The ownership had been broadened over time to include other family members and the strong management team.
Andrew Williamson, Corporate Finance Partner, said: “The key to our approach was supporting the family and the team through this once in a lifetime event.
“Technically, the deal involved a wide range of issues and required WMT to provide support including lead advisory, tax advisory, due diligence support and working capital analysis.
“However, the real key to the success of any deal is working in partnership with the exiting shareholders and their lawyers as the trusted advisor.
This deal also showcases our joined-up approach to achieving the right deal for our client. Our client already knew all of the key WMT people involved while we had a deep understanding of the business.”