• Seller not having financials ready or waiting on a year-end and then for the financials to be complete • Buyers getting funding (contingent on the point above) • Lease transfer and getting the landlord on board (generally requires paying landlord’s solicitor fee, references and getting their approval) • Getting franchisor approval (many will require a Buyer to go to training and be certified as well as pay a transfer fee) • Slow legal council (this is a big issue that needs to be managed and can create weeks of delay towards the end of the process) There is one final factor in both how long it takes to move through this process and increasing the chance of getting to the end of a successful close which is good process management. There are many moving parts, the parties have dozens of items they need to produce and do and there are many external people involved in the process which all need to be managed in a sort of concert. The key to the optimisation of this process is a good M&A Advisor with experience in doing many transactions. At Transworld M&A we have well-honed systems that we can bring to bear, including virtual data rooms, due diligence tracking systems, document management, legal management systems, etc. Crucially, we have a keen ability to facilitate communication between all of the parties and keep everyone calm and on the same page.
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