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investors, we were ‘clean’ in terms of due optimal if you’re not well represented. Do
diligence, which really helped. It’s often called not skimp on the lawyers; get a proper
being ‘investor-ready’ but actually it’s also City firm who are used to these kinds of
‘acquirer-ready.’ So all the admin stuff had been deals. Because as sure as eggs is eggs, the
properly documented, staff on proper contracts, other side are going to have a good set of
etc – and that can really help the process along lawyers.
and avoid any price chipping.
Our lawyers were people we’d been dealing
The fact that we carried on growing all the way with for years; even though our main lawyer
through really helped the negotiations. Inviting switched firms mid-deal, she was given
other bids created a bit of competitive tension, permission to take the case with her, which
and we played it fairly cool. But in our meetings really helped ease things along (she moved
with the buyer we really just stayed quiet as to a firm of equivalent stature). We also had
they were very much led by our broker who kept a large number of pre-existing investors
control of those meetings. It’s so important who’d come on board at different stages,
to have that professional front; I can’t over- so we had to get them all on board with the
emphasise how important that was. deal. There was a lot of legwork at the end
of the deal to get that all done.
Finally, I would also say that it’s just as
important to get great lawyers. As soon as the
commercial negotiations have been agreed, it
gets passed to the lawyers and the whole thing I could have dealt with it
starts all over again, on a much more detailed better personally, been less
level. There’s just a huge amount of stuff that stressed, that would have been
has to be done: indemnities, warrantees, etc.
You can end up with something that’s not preferable for me.