consultant, they will be able to advise what is on offer in the market at the current time. Others - There are other ways to get debt including a wide variety of structures that can be used with private individuals. We have also seen some Buyers work with HMRC to delay tax payments with Time To Pay (TTP), work with the Seller to use their excess cash and basically turn them into a bank (most Sellers are not willing to do this as the risk profile greatly increases at a time they are looking to move on from the business), make deals with specific suppliers in trade for equity, etc. So, like everything else in the M&A, there is a normal framework and then many exceptions limited only by the creativity of the team involved in the transaction. Post-Sale Planning Stream (The Fun Part) Much of the business sale process is technical, stressful, and necessary, but boring and downright tedious. However, the exception is often where both parties get to build a new future for the company and themselves. During this phase, the Buyer will start working out what everything is going to look like starting on day 1. Often they notionally talk about the first 100s days just to make the exercise look manageable but in reality, this is the foundation for the future of the company. For the Seller (and any staff involved) this can be a very enjoyable process as they have new ideas and new energy and may be doing the things they wanted to do but didn't have time or energy. We have seen situations where Sellers fall back in love with their business during the process and pull out of the business sale as they want to do it themselves! We suggest that the majority of the post Heads of Terms efforts by the Buyers and Sellers are spent on this activity while the advisors focus their time on the other streams. This really allows the Buyers
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