Welcome to another edition of Down to Business.
In this episode, I sit down with Andrew Windybank, Corporate Lawyer and Company Director for SWS Lawyers.
Tune in as we discuss all things mergers and acquisitions (M&A), succession planning and divestments.
Key takeaways for this episode include:
- Collaboration is a key – it’s all about the team you have around you. It’s very important early on in a transaction to define the roles for a client e.g. adviser, lawyer etc. and what is expected of each of them;
- Though it is good housekeeping for any business, during the process of becoming sale ready, it is vital to prepare your accounts, collect data and collate contracts;
- Common mistakes from business owners that can affect their transaction range from over-estimating the market and assuming you know the critical elements of the buyer to thinking a purchase order means a guaranteed contract (it’s always helpful to seek advice and undertake your due diligence beforehand);
- As a business owner, (though it may be in the future) the earlier you start thinking about how to plan for your business exit, potential investments or acquisition; the better. Many deals may take more than one go because of lack of planning; and
- For a baby boomer exit company, one of your best assets and way to differentiate your business is your people – if it’s a private equity buyer for example, once they get through their due diligence (what’s on the balance sheet, intellectual property, assets etc.) they want to back something – someone who knows the business, the clients etc., they add holistically to the value proposition.