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FAQ's
Overview
We have listed below typical questions that clients have about our business. If you have any further queries about the service or how we operate then please contact us using the webform or email alistair@prestonadvisory.co.uk.
I have not been through this process before – what does it involve?
Initially, we will meet with you free of charge to understand your business, the issues you face and the work that is required. Once we have agreed a scope of work we will draft an engagement letter and commence work – this initial process could take 24 hours or less as required.
It is normal to spend time in your business, understanding the financial systems, the management team and the operations – we will attempt to minimise disruption, however, the closer we can get to your business the more tailored our advice can be. The assignment will be completed either on the production of a specific piece of information (e.g. forecasts), implementation of a project, or by agreement with you.
How long does a project take?
This is variable. Often firms will engage us to undertake a specific project or achieve a particular outcome which has a fixed and agreed timescale. However, it is not unusual for the business to then retain our services for a longer period or for a further assignment subject to a new or extended engagement letter.
Do you take insolvency appointments?
No. Our focus is on stabilisation, growth and profit improvement. Nonetheless, Alistair is a qualified insolvency practitioner and can advise on insolvency outcomes and provide guidance to directors should this be required.
Do you work solely for the company or anyone else?
Our engagement letter will specify our duty of care. In nearly all situations this duty is owed to the company solely – we therefore have the company’s interests as our primary concern.
What are your fees and how do you get paid?
As we have few overheads, our fees are typically lower than practices and firms offering a similar service. Our fees depend on the individual assignment, its length, complexity and nature. We will agree the fee and the timescale with you at the outset. Our payment terms are normally weekly in arrears and are payable by the company.
A funder has introduced you – what is your relationship with them?
We have worked with financial institutions in the northern business community for 17 years. They trust us and know that we can provide the right advice and assistance to you. Whilst we have a good relationship with funders, they understand and respect the fact that we are engaged by and work for the company. In the unlikely event that a conflict arises, we will bring it to your attention immediately.
Can you attend meetings on our behalf?
We can attend meetings if appropriately authorised, however, it is preferable for a member of the management team to also attend.