Working with Bill Lampard – MEC Marine Ltd
After more than three decades of dedication, Bill Lampard exited his business at the end of last year. His story is one of resilience, trust, and the value of long-term relationships—especially with his trusted accountant. We’re proud to have supported Bill throughout his business journey and, most recently, through a successful and tax-efficient exit.
Background and Business Journey
Bill first approached Porter Garland in 1993 after being recommended by a neighbour. At the time, he was transitioning from employed to self-employed work after the marine engineering firm he worked for was hit by recession. He sought our specialist advice on establishing a viable operation.
“At the beginning, I knew little of the accounting responsibilities and requirements of a VAT-registered sole trader,” Bill recalls. “Porter Garland gave me sound advice, which I followed until my exit. They were certainly my accounting ‘safety net’ throughout”.
As his business grew, our role gradually expanded—from checking his books to eventually handling all aspects of his accounting, including payroll. Bill’s next big step was from being a sole trader to corporating the business in 2010. Over the years, Bill built a strong working relationship with Thomas Pottinger, who supported him from the early stages of his career to the very end of his business journey.
The Decision to Exit
Having initially worked a seasonal seven days a week for a good part of his career, Bill reached a point where the pressures of a changing industry and running a business were no longer for him. “I came to realise that the passion and enjoyment that I had been there from the early 70s had slid away” he said.
After exploring several potential buyer opportunities with us, one relatively new trade customer expressed serious interest, and the sale process began.
Our Role in the Exit Process
Bill approached us early in his exit planning. Our role was to help him navigate the complexities of the sale, ensure it was structured in a tax-efficient way, and ultimately support in the closure of his company.
We advised Bill on the most suitable structure for the deal, which evolved into an asset sale. We also managed the financial due diligence process and handled the many queries that arose from the prospective buyers. “Thomas responded to everything—WhatsApps, emails, phone calls—and always kept me up to speed,” said Bill.
The process took around six months due to changes in buyer direction, but we remained fully engaged. “I even asked if Thomas was fed up with it all,” Bill said, “but he insisted he wanted to get it right.”
Once the asset sale was complete, we introduced Bill to a trusted insolvency practitioner and guided him through a Members Voluntary Liquidation to formally close the company. This ensured the business could be wound down in a compliant and efficient manner.
The Outcome and Reflections
The final outcome met Bill’s expectations—both financially and in terms of process. He credits our hands-on support as key to his successful exit. “The most important support Porter Garland gave me was the close contact, constant advice and reassurance,” he said.
He likened our thoroughness and dedication to how he himself used to run his business. “If something went wrong, I couldn’t sleep. I would always go the extra mile—and so does Thomas.”
Advice to Other Business Owners
For those considering an exit, Bill’s advice is simple: don’t do it alone. “I trusted Thomas implicitly. You need someone who thinks of and anticipates everything – and who truly cares about your outcome.”
He also recalled an encounter with a VAT inspector after the first three years of trading, who said of Porter Garland: “We hold Porter Garland in very high esteem, that is money well spent.” Bill never doubted the value of our service again.
Beyond the business, we continue to advise Bill on personal financial matters, including introducing him to trusted financial advisers who helped turn around underperforming investments.
Final Thoughts
Bill’s story is a testament to the power of a long-term client relationship and the value of dedicated, personal support. We’re proud to have played a part in his journey—from start-up to exit—and wish him every success in the next chapter of life.
What’s Next?
Now that the stress of running and exiting the business is behind him, Bill is looking forward to enjoying a well-earned retirement. Thanks to a recent BA “Flying with Confidence” course—he’s excited about the prospect of travelling again. “I’m about to book a flight abroad for the first time since 2003,” he shared, keen to explore new places and rediscover his love of travel. With more time to himself, Bill is staying active by enjoying ballroom and latin dancing, live music, and to be there for friends and family. Retirement, for Bill, is about finally taking time for himself and making the most of life’s opportunities.