Selling a Business
We are in our client’s corner at all times. We manage sale processes from start to finish, striving for control and certainty. We prioritise value maximisation whilst minimising disruption and unnecessary distractions for business owners, allowing them to focus on the continued success of their operations.
We also support clients in the years leading up to a sale, helping them prepare and position their business to maximise value at exit.
Our Corporate Finance team has a strong and proven track record advising on the sale of owner-managed businesses, securing successful exits whilst maximising value for shareholders through strategic positioning and expert negotiation. We have extensive experience delivering cross-border and time-critical transactions, allowing us to navigate complex processes with confidence and pace. As every owner’s situation is different, we offer a range of services tailored to each transaction:
There are four key pillars which underpin our approach to preparing for, and executing, a successful sale process:
The earlier, the better. Engaging with an adviser early gives you time to:
Ideally, we are supporting clients and developing a relationship years ahead of a transaction. However, we work with business owners at every stage, whether you are exploring the idea, planning ahead, or actively considering a sale. Starting the conversation early gives you the best chance to maximise value and achieve your goals with confidence. Whenever you are ready, we are here to guide you through the process.
Confidentiality is fundamental to everything we do. All conversations with us are treated as strictly confidential, whether during an initial discussion or once we are formally engaged. We follow clear internal procedures to keep information closely held, with only relevant team members involved and we will not contact third parties without your agreement. For additional reassurance, we can put a non-disclosure agreement (NDA) in place before sharing any documentation.
When it comes to managing the transaction, we take every step to protect your confidentiality from start to finish. This includes agreeing the list of potential investors with you before any outreach, using anonymised information for initial approaches and requiring investors to sign an NDA before receiving further details.
This approach keeps the process discreet and ensures you remain in control of your information and who is aware of it.
Many owners come to us with a valuation in mind. Our role is to advise on the steps needed to achieve that figure, identifying the key value drivers in your business and highlighting improvements that can strengthen your position. We also provide guidance on the optimal timing to commence a sales process, ensuring market conditions and business performance align to maximise value. In addition, we share our own valuation perspective, informed by market insights, analysis of comparable transactions, and a detailed understanding of your financial performance.
Achieving a compelling valuation relies on presenting a clear, coherent story that brings together multiple factors: a strong value proposition supported by robust financial performance, a persuasive strategic rationale, clear growth prospects, and a well-prepared, well-presented business capable of withstanding the scrutiny of due diligence.
A competitive sale process will then ensure you maximise price, though deal structure can be equally as important, with buyers often seeking to defer part of the consideration, or link it to future performance.
Our role as a corporate finance adviser is to ensure you achieve both the best possible price and the optimal deal structure.
A buyer may ask for a transition period to support knowledge transfer and maintain continuity if the business is heavily reliant on you. The length and nature of this will vary depending on the buyer’s needs and will be agreed as part of the negotiations.
Starting discussions early with a corporate finance adviser is key to minimising any handover period. Early engagement allows us to provide an objective view on succession planning and advise how this will be perceived by buyers in your market. We will help you plan the level of involvement you want after completion and position this clearly, so you can agree an arrangement that works best for you.
Yes. As a full-service accountancy practice, James Cowper Kreston brings together corporate finance and tax expertise to deliver a fully integrated approach. We work closely with our tax specialists to ensure you receive comprehensive personal and corporate tax advice throughout the transaction.
Their early involvement helps structure the deal efficiently, ensuring tax considerations are understood and aligned with your long-term objectives. This joined-up approach means the financial and tax elements of the deal work seamlessly together, giving you clarity on the implications of different structures before you commit to any decisions.
Every transaction is bespoke, shaped by the client’s objectives and market circumstances, so it’s impossible to stipulate a definitive timeline. The process generally involves three stages: preparation and research, marketing and negotiations, and finally due diligence and legal completion.
For an owner looking to exit, it’s important to be mindful that moving from the initial concept of an exit through these stages to completion can often take up to a year, or even more in some cases.
Our role is to manage each phase proactively, maintain momentum, and help you navigate any complexities that may affect timing.
Our fees are designed to align our interests with yours, ensuring we are fully committed to achieving the best possible outcome. While we are principally remunerated through a success fee, we also charge retainer fees agreed at the outset. The amount reflects our assessment of the time commitment, risk profile, and complexity of the assignment.
We are flexible in how retainers are structured, though they are typically spread evenly across the expected timeframe leading up to the sale process. These fees cover only a fraction of our total cost but, more importantly, provide assurance that clients are equally committed to the process.
The majority of our remuneration comes from a success fee, wholly contingent on completing a successful deal. This often includes a ratchet mechanism, meaning our incentives are directly linked to maximising the final result. In short, we only succeed when you do.
Because of this model, we take on considerable risk and therefore only work with a select number of clients each year, where we are confident we can deliver a successful outcome.
If your senior management team plays a key role in running the business, it is worth considering how best to recognise and align their contribution during a sale. Buyers place real value on a committed and capable team, so well-structured incentives can help maintain focus and stability throughout the process.
Often, it’s best to think about this well before launching a sales process. Early planning allows you to get all key members of the management team aligned with your exit plans, ensuring they are motivated to drive performance and maximise the outcome for everyone involved.
Incentives can take different forms. Some are designed to support the transaction itself, such as completion or retention bonuses linked to key milestones. Others are longer-term, such as share option schemes or equity participation, which may give management a stake in future growth. Each approach carries different commercial and tax considerations.
Thinking about this early gives you time to explore the options and select a structure that works for both you and your team. We can help you understand what buyers may expect and which incentives best support your objectives.
Trade buyers are industry operators looking to acquire businesses that complement their own. Their motivations often include expanding capabilities, entering new markets, strengthening their offering, or bringing additional expertise into the organisation. Because there is usually a clear strategic rationale behind their interest, trade buyers may be prepared to pay a premium for the right opportunity.
Private equity buyers, on the other hand, are financial investors focused on growth and value creation. They typically back the existing management team, inject capital to scale the business, provide strategic guidance, and often pursue follow-on acquisitions. Private equity buyers are typically more flexible with their deal structures than trade buyers, often able to offer either a full exit or a partial exit that allows owners to realise value now while retaining a stake for a future sale. This can be an attractive option for those seeking liquidity today while partnering with experienced growth investors who have scaled similar businesses many times before, offering the potential for a second, often larger, exit down the line.
Choosing between trade and private equity involves more than valuation. Key considerations include your desired level of involvement after completion, cultural fit, strength and depth of your management team, risk appetite, and long-term ambitions. Speaking to an experienced adviser can help you evaluate which route best aligns with your goals and what each option could mean for you and your business.
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