01Valuation
Why two businesses with the same EBITDA can have different values
An EBITDA multiple is a starting point. Earnings quality, customers, management and future cash requirements can change the outcome.
Insights & Resources
Clear answers to difficult business questions.
Explore practical explanations of the decisions that matter to business owners and acquirers. See how we think through valuation, acquisition risks and financial performance — then explore the relevant resources.
02Acquisitions
What should you check before pursuing a business acquisition?
A short initial screen can identify fundamental valuation, funding and commercial obstacles before significant fees are incurred.
03Business Performance
Why can a profitable business still run short of cash?
Profit and cash are not the same. Working capital, capital expenditure and debt repayments can absorb the money shown as earnings.
04Valuation
Enterprise value and equity value: why the difference matters in a deal
A business can be worth £1 million on an enterprise basis without its shareholders receiving £1 million. The bridge between the two matters.
05Deal Structuring
Deferred consideration and earn-outs: making a deal work for both sides
Headline price matters, but the timing, conditions and security of payment can be just as important.
06Funding
Funding an acquisition: why a reasonable price may still be unfinanceable
The value of a business and the amount a lender will advance are different questions. Cash flow, security and deal structure determine the gap.
07Business Performance
Reading the numbers when business performance starts to slip
Falling EBITDA rarely tells the whole story. The useful questions concern margins, overheads, working capital and whether the deterioration is temporary.
08Exit & Succession
Preparing a business for sale: what I would address before going to market
An owner’s readiness to sell is not the same as the business being ready for a buyer. A few practical issues can determine whether a transaction completes.
These articles explain the principles, but your own circumstances will determine the right approach. If you have a specific situation, describe it briefly and we can help you identify a useful next step.
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