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“BUYERS AND SELLERS”. What they really really want. My own background. Recruiter Manager Director Chief Executive and also Since 1996 ‘Chief Scout’ M&A Pertemps /Network Group Holdings PLC Involvement in over 40 completed acquisitions High St. staffing - International search businesses

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buyers and sellers

“BUYERS AND SELLERS”

What they really really want......

my own background
My own background...

Recruiter

Manager

Director

Chief Executive and also

Since 1996 ‘Chief Scout’ M&A Pertemps/Network Group Holdings PLC

Involvement in over 40 completed acquisitions High St. staffing - International search businesses

Reviewed over 400 businesses for sale

company background
Company Background...

Pertemps Ltd and Network Group Plc have merged ‘Network’ has delisted from AIM

Our stated intention is to grow from just under £500 million to £1 billion turnover in the next 5 years

50% of our growth will be targeted acquisitions

Mainly specialist staffing some selected high street particularly in South East

sellers want
Sellers want...

Obviously a good price £££ !!?

A ‘good home’ for the business they have built up

A future for their staff

To feel they have been treated fairly

they may also want
They may also want..

Continued involvement for a handover period

An immediate exit

A ‘White Knight’ to ride to their rescue in the event of financial distress

Investment in their business and a partial sale

what they are not so keen on
What they are not so keen on..

Complicated deals

Long ‘earn outs’

A.I.M listed all share transactions ‘paper’

Deferred consideration

Excessive costs on professional advisors

Feeling ‘sellers remorse’

what they should have in an ideal world
What they should have (in an ideal world)

Good advisors a knowledgeable lawyer and competent accountancy firm

A firm idea of what they want from the deal. Often the buyer can be ‘guided’ by the seller

The ability to see the ‘wood from the trees’ the deal with the most ££’s may not be the right one for them or their company

Pragmatism...

Being realistic on the pricing of their businesses in the market conditions they are hoping to sell in

things to look out for
Things to look out for?

Try not to let the process of selling distract you from running your business

Don’t get carried away with racy valuations .. A business after all is only worth what a buyer will pay

The ‘devil’ is always in the detail, don\'t overlook the importance of getting good advice on the contact (Sale & Purchase Agreement)

what a buyer mostly looks for
What a buyer mostly looks for:

Not to look back and felt they have paid too much

Strategic fit.. Either an entry into a new market, geographic location or as a useful bolt on to an existing operation

Occasionally to buy a business or perhaps invest in a business to acquire or back an exceptional management team

A bargain due to a quick sale required for personal circumstances or financial distress

they also probably want in an ideal world
They also probably want (in an ideal world)

A profitable business or one that can become so reasonably quickly

Has good secondary management or an influential junior director that wants to stay with the business

A deal that is reasonably simple as they hate paying too many ££’s in legal and professional fees as much as sellers

A business that is relatively easy to integrate

how does all this happen
How does all this happen?

Good advisors

Sensible pricing

Patience

Communication & Transparency

the buyer
The Buyer...

Will want a business they can integrate. Without too many problems

That has talented second tier management

That is attractive not just on price

the seller
The Seller...

Should be as flexible as possible in terms of deal structure

Be aware that a headline valuation maybe not the most attractive

Not to let the sales process distract them from running the business and it loosing value

Make sure they have good Advisors

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