Van Guard

Van Guard, a family-owned business, had been working with the same accountants for over 30 years until several changes in the Board of Directors took place. The company faced several challenges, including a significant increase in turnover, resulting in infrastructure issues, inventory excesses and rising overhead costs. As a result, the business needed both succession planning and commercial stewardship to cope with the challenges. Switching to a new accounting firm was not a decision the business took lightly as it required long-term strategic advisors who understood the intricate family relationships and history. Thompson Jenner stood out as a company that could provide all the necessary skills and knowledge.

The Challenge

Van Guard’s Board of Directors and Shareholders’ wanted to find an accounting firm that would provide comprehensive accounting and commercial guidance, as well as a flexible succession plan that would satisfy all the stakeholders. The Directors wanted to continue the family-oriented culture while addressing the changing dynamics in the business and planning for the future.

The Solution

The Board engaged Thompson Jenner, a reputable accounting firm specialising in advising family-owned businesses. Simon Lewis, a Partner at Thompson Jenner, was assigned to Van Guard to provide comprehensive accounting and commercial guidance and develop a flexible succession plan.

Simon reviewed the company’s historical performance and then analysed and stress-tested future plans to ensure they were reasonable and realistic. Simon and his team provided pro-active and responsive support to Van Guard’s finance function, helping them to streamline and optimise their processes.

Simon also paid keen attention to the family-oriented culture of Van Guard. He spent time understanding the changing dynamics of the business Directors and shareholders, structuring a succession plan that was sensible and overlapping the personal expectations of individuals with tax-efficient schemes. This approach not only satisfied all the stakeholders but also ensured that the future of the business was in safe hands.

Results

With the help of Thompson Jenner, Van Guard was able to address the significant increase in turnover and overcome issues of inventory excesses and rising overhead costs. They provided comprehensive accounting and commercial guidance, paving the way for a smooth and successful transition to a new Board of Directors.

Simon Lewis’s approach played a vital role in the successful succession planning of Van Guard. The flexible succession plan satisfied all stakeholders, and the continued family-oriented culture of the business was maintained. With their extensive expertise, Thompson Jenner continues to assist Van Guard as they navigate the challenges of the post-covid business environment.