Kemi Egan - £677,000 unknown tax liabilities due to fraudulent pension scheme uncovered
Kemi Egan - £677,000 unknown tax liabilities due to fraudulent pension scheme uncovered
Kemi Egan - £677,000 unknown tax liabilities due to fraudulent pension scheme uncovered
What’s the worst thing that could happen during an acquisition?
Up there at the top must be finding fraud from the seller.
Kemi Egan is my guest in this episode, and she found just this during one of her acquisitions. A seller was using a fraudulent pension scheme discovered by HMRC. Even then during the legal process the seller, and their defence have denied any wrongdoing despite evidence to the contrary.
Kemi shares the stress this caused her and what has been happening since. She also shares her wealth of experience, having completed 30 acquisitions in the last 5 years with 10 exits. As well as what she learned from this experience.
“Every step it was just so irrational” – Kemi Egan
Timestamps
01:39 - An introduction to Kemi
03:26 - How Kemi got into M&A
11:04 - Kemi on discovering fraudulent activities
19:51 - Was the business owner aware of fraud?
21:19 - What Kemi learnt from the experience
23:52 - Is there anything that could have been done differently?
25:16 - Julie on how to track changes
28:29 - Kemi's current acquisitions
Connect with Kemi Egan:
LinkedIn - https://www.linkedin.com/in/kemiegan/
Linktree - https://linktr.ee/kemiegan
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!
From The Podcast
Build and Exit
As a chartered management accountant by trade, I uncovered my true potential at 37, moving from a well-paid corporate job to building my own accounting and consultancy firm. Having worked on 5-10 acquisitions or business exits each month for clients, I understand the key challenges business owners face, including getting the real value they want for their business, whilst having the right controls and processes in place so the business can run independently of the owners.The Build and Exit podcast will include conversations, stories and real-life examples of day-to-day challenges business owners face, different methods of growth including acquisitions and top tips on how owners can transition from working in their business to working on it, enabling them to maximize their value on exit. I will also include episodes where I share my own learnings on business management and how Wilkinson Accounting Solutions are planning to continue to grow by acquisition.Join Podchaser to...
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