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/   Connect with Christine   LinkedIn - https://www.linkedin.com/in/christine-nicholson/ Christine’s website - https://christinenicholson.co.uk/ Get Exit Ready - https://getexitready.co.uk/   Connect With Julie Wilkinson   LinkedIn - https://www.linkedin.com/in/juliewilkinson-accounting/ Tik Tok – https://www.tiktok.com/@wasolutions YouTube - https://www.youtube.com/channel/UCUvq6gfNoP_4dfIJulL6C6A Facebook - https://www.facebook.com/wilkinsonaccountingsolutions Website - https://wilkinsonaccountingsolutions.co.uk/   Before you go, don’t forget to leave a comment and review if you got something out of this episode!