Monday Apr 29, 2024

Judith Hamilton & Christine Nicholson - £5m in debt because of hidden receipts

Imagine not even knowing you are about to go bankrupt.

Many business owners don’t know what is going with their accounts. With £5 million pounds of debt and another £1 million in stocks that anyone could have taken, this was the reality for one business.

In this episode I am joined by Judith Hamilton and Christine Nicholson, 2 brilliant women working in the exit planning and financial world. We share our experiences working with businesses and what needs to be in place for a well-structured exit.

We also discuss what corporate governance is and why it matters for businesses and exit plans, what you should be looking for in people and why you need to keep your processes simple.

“By the time I opened all the envelopes, have discovered that this business was £5 million in debt” – Christine Nicholson

Timestamps

00:58 - An introduction to Judith and Christine

04:50 - What does processing systems mean?

08:39 - Start with simple processes

12:13 - The key things around controls

20:09 - Governance information needed at exit

26:45 - What you should be looking for with people

31:06 - The 2 biggest things Julie's sees in exits

Connect with Judith

LinkedIn - https://www.linkedin.com/in/judith-hamilton/

Instagram - https://www.instagram.com/judith_evimero/