The recent M&A (Mergers and Acquisitions) event at our London office brought together legal, financial, and operational experts to share real-world insights and personal experiences in buying, selling, and funding businesses.

The session offered a holistic view of acquisitions – from financial structuring and legal due diligence to integration and funding – providing practical takeaways for both buyers and sellers. Each speaker brought unique expertise, highlighting the importance of preparation, communication, and collaboration to ensure a successful transaction.

Whether you’re a first-time buyer or a seasoned acquirer, the insights shared by our legal, accountancy and finance experts, together with a business owner’s real-life experience, serve as a practical guide to navigating the complexities of M&A.

 

Speaker Overviews & Key Takeaways:

Joanne Bell – Accountant & Acquisition Specialist, Bells Accountants

Overview:
Joanne shared her journey from founding an accountancy firm to scaling it via acquisitions. She broke down accounting jargon, explained valuation methods, and gave practical advice on deal structuring and risk mitigation.

Key Takeaways:

  • Valuation methods: Common methods include multiples of recurring revenue or EBITDA, but ultimate value depends on what a buyer is willing to pay.
  • Balance sheet basics: Understand key elements – debtors, creditors, fixed assets, and WIP (Work in Progress) – to assess business health.
  • Goodwill vs Share Purchase:
    • Goodwill purchase – buyer takes assets but not the liabilities of the business.
    • Share purchase – riskier as the buyer inherits the entire company, including historical liabilities.
  • Due diligence is critical – use findings to renegotiate price or terms.
  • Deal structuring tips:
    • Push for low upfront payments and longer deferred terms.
    • Everything is negotiable – not just price, but also payment terms and deal conditions.
  • Intangible motivations matter – many sellers value cultural fit and business legacy more than maximum financial return.
  • Post-deal finance management – maintain good management accounts and dashboards to track new business performance.
Joe Milner – Corporate Lawyer & M&A Advisor, Loch Associates

Overview:
Joe provided a legal and practical perspective on acquisitions, underlining the importance of choosing the right team and planning for both pre- and post-completion success.

Key Takeaways:

  • Work with people you like and trust – you’re in it for the long haul and the process can be intense.
  • Transaction team: Should include a lawyer, accountant, financier, and internal lead(s) from your business.
  • Clear legal process:
    • Start with an NDA
    • Move to Heads of Terms
    • Conduct Due Diligence
    • Agree Contracts (SPA/APA)
    • Prepare for Post-Completion Integration
  • Communication is critical – both within your team and with the other party.
  • Good legal structure helps mitigate risk: Warranties, indemnities, and disclosure letters are tools to manage liabilities.
  • People due diligence is often overlooked – assess team dynamics, culture, and leadership gaps early on.
  • Post-completion support: Loch offers ongoing strategic help including messaging, branding, systems integration, and transition planning.
Gillian Palmer – Funding Expert, The Finance Hub and Lending Made Simple

Overview:
Gillian shared her business acquisition story and offered a practical lender’s perspective on funding M&A deals, including what lenders look for and how to maximise funding success.

Key Takeaways:

  • Lenders’ key criteria:
    • 2-3 years of profitable trading history
    • Strong, experienced management
    • Reliable financial data and forecasts
  • Loan sizing: Typically £750k+, with EBITDA multiples ranging from 1.5x to 3.5x in today’s market.
  • Repayment terms: Often structured over 3-7 years, with options for interest-only periods to ease early-stage cash flow pressure.
  • Soft assets like debtor books can help secure invoice finance or working capital loans.
  • Lender relationships are built on trust and good communication – maintain transparency throughout.
Luke Richards – Business Owner & Serial Acquirer

Overview:
Luke shared his personal journey from self-employed tree surgeon to multi-business owner. His real-life story highlighted the highs, the struggles, and the critical role of expert support in successful acquisitions.

Key Takeaways:

  • Hands-on experience: Acquired two businesses with limited prior M&A knowledge but a lot of determination.
  • Importance of due diligence: Even when buying from a friend, thorough checks helped avoid future issues.
  • Collaboration was key: His successful deal was enabled by close, communicative work between legal and financial advisors.
  • Integration challenges: Post-deal success depends heavily on aligning people, processes, and company cultures.
  • Know your motivation: Whether expanding services or increasing turnover, understand your end goal to guide your acquisition strategy.

Final Thoughts:

The event underscored that no two acquisitions are alike – but every successful one is grounded in preparation, communication, collaboration and great legal advice.