MAXISS is a carefully engineered Sales Process perfected over the last 25 years that is proven to confidentially deliver buyers, maximise value and minimise the impact on your business. Most importantly it is a comprehensive “cradle to grave” service touching every part of the journey from understanding your requirements to completing the deal.
The essential building blocks are:
You may have a range of objectives from the sale such as achieving the highest cash , retiring within a year, rewarding management, etc. We listen to what you want and then tailor the rest of the process accordingly.
It is vital that you understand the value expectation for the business and what will influence the outcome. We will look at current performance, asset values, historical figures and future projections. We then use our deep sector knowledge, industry indices, deals databases and quoted price earnings to produce a likely value range for the transaction.
Revealing the facts – Selling the fit
Your Information Memorandum is essentially the sales brochure for your business so creating and crafting it is all important. The first phase is understanding your business – strategically, operationally and financially. We then take that and map it onto the sector placing ourselves in the role of buyers, seeing your business through their eyes. From that we prepare, polish and finalise a document which will become the cornerstone of our marketing process.
Research, research, then research some more.
The success of the sale depends upon the quality of the buyers we find. So despite being sector specialists and having years of M&A experience we always start with the same thing. A blank sheet of paper. We then define buyer characteristics looking not only at the obvious but also the less obvious. Perhaps those overseas buyers looking to enter the UK market, Private Equity developing a buy and build strategy or aligned industries looking to move into your sector. These strategic forces are built into our research and are then re-evaluated throughout the marketing phase. You have access to our databases of all UK businesses, overseas buyers, intermediaries and Private Equity. In essence you leverage our knowledge.
Approach from all angles.
Approaching buyers, Private Equity and Family Offices is complex. Often our sector specialists will have senior level contacts that they can simply speak to. However, often with large Global corporates there are many routes, sometimes through local subsidiaries, sometimes through in-house M&A, sometimes directly through the Board and sometimes through contacts and other advisors. We maintain sector databases of all contacts with all of their requirements and acquisition criteria.
Maximising the bid
Often at this stage we will run an auction process on your behalf soliciting several bids from competing bidders and setting out to you our views on each buyers approach. We will negotiate detailed Heads of Terms working alongside your legal team to tightly define as much as possible. Only at this point will we look to select one buyer and then produce a Project Timetable defining all steps through to completion.
Due diligence – Don’t drop the ball
Many deals either fail at this point or the deal price gets severely chipped. Our job is to stop this happening. Partly this is done by preparing you throughout the sale process, partly it is done by lifting much of the workload from you (which allows you to run your business and deliver the expected performance) and partly it is because we understand due diligence. In fact, almost as poachers become gamekeepers, we have run and partnered a multitude of due diligence exercises ourselves so understand what they are looking for and how they will try to use it as a tool to destroy valuation.
Legal’s and Completions
Buyers have a multitude of advisors (lawyers, commercial due diligence, accountants, etc) whose sole purpose is to find problems, root out issues, chip at price or even stop deals. Our role is understand this, produce solutions, define the commercial reality of complex legal arguments and get deals across the line. That takes persistence, years of experience and a creative ability to continually overcome hurdles.