When we first met Nicola and Joe Coombe they were 50% shareholders of a thriving civil contracting business. Two years later, their co-shareholder was retiring. Joe had been hands-on in the business for over 20 years helping to build it to where it was today. So it was a great opportunity to own the business outright.
Before Working With Full Focus:
Nicola and Joe had already made inroads into buying out their co-shareholder. They were now getting to the business end of the deal. They were very keen to do a thorough job of getting the right things in place. It was key to protect their family wealth as well as the business.
Nicola and Joe had a tight timeline to get everything sorted. They also needed the right finance in place to pay out their co-shareholder at the agreed-on date.
“I wanted to ensure that going forward the company structure was correct and tax efficient, as well as our personal affairs …”
Nicola was looking to take a more active role in the business once they become the sole owners. But she didn’t know where she could fit in, or where she could utilise her talents. Nicola was also mindful of not disrupting GilesCivil’s brilliant and loyal staff. She was very conscious of not stepping on any toes!
“We knew that we wanted to have an even more successful company but we didn’t know where to start…”
It was opportune time to do a shake-up of their legal and financial affairs as well as how the business operated.
What We Did:
First, we carried out a Wealth Maximisation Audit for Nicola and Joe. They’d been vigilant about getting things in place to safeguard them and their family. Unfortunately there were a few blind spots and in places documents were incorrect. If the worst had happened, their children would have been in a real mess, with an uncertain future.
With the help of Full Focus, Nicola and Joe were able to brief their Solicitor on what they wanted. Will and Power of Attorney briefings helped ensure the correct documentation of their wishes.
Full Focus came alongside myself and the business and supported and guided us through a process that I was unfamiliar with. They also ensured our advisors had our needs first …”
In discussion with Nicola, it was clear her skills lay in the people department. She had a passion for giving the staff a voice, and looking after them. We joked that her role would be like “Camp Mother”. Nicola’s part in the team was to work “on” the business, not “in” the business.
GilesCivil have always had a great team culture. But with all the changes in ownership there was a bit of unrest among the team. With some guidance from Full Focus and a lot of openness from Nicola and Joe, this was quickly resolved. They also put great foundations in place for an even better staff environment.
As part of Nicola and Joe taking over the company, we needed to get to grips with the refinancing. We gained offers from 5 different banks. Nicola and Joe were able to pick and choose the offer which suited them best.
The Difference Today:
Nicola and Joe now have customised legal and financial structures in place. They’re correct and do what they want them to. Good governance is also underway. Their family is secure. Their business is secure. And the correct foundations are in place to ensure it all stands the test of time.
“The advice Full Focus has given us is invaluable. Sometimes we all need help and Dave and Kathy delivered. … we have a clarity that we didn’t have before. This has definitely given me peace of mind.” … more
GilesCivil has already benefited from Nicola’s input into the business. Joe always did a good job of looking after the employees. But Nicola’s focus in this area has taken it to a different level. The company will continue to reap the benefits of this.
They have financing in place that suits them well. If anything untoward were to happen, their family would be looked after first. The likes of any financial institution would come off second-best.
Nicola and Joe are now confident of the direction in which they’re headed. GilesCivil was always a thriving company. But we’re sure there is an even more successful future for GilesCivil in the years ahead.
“Having the correct structures and advisors in place both at home and in the business provides a great sense of security … Going forward it’s great to know they are only a phone call away.” … moreNicola & Joe Coombe