City & Capital Acquisitions was approached by an Independent Financial Advisor (IFA) looking to sell their shares in their business and retire. Having previously worked with other brokers – and met with numerous potential acquirers – he was unable to find ‘the complete package’.
While a satisfactory sale price was important to the client, the driving force was to provide the ability to leave the industry quickly, following the sale. Furthermore, the seller wanted the acquirer to be a local, independent firm which valued face-to-face advice, to uphold the integrity of the firm, and ensure a seamless transition for clients.
Following an initial fact-finding call, City & Capital Acquisitions visited the client offices – to experience the culture of the firm – in order to guarantee the right match.
The meeting included an honest conversation around the history and ethos which underpinned the company, as well as the measures – and drivers – of success in the present day. Looking beyond the quantitative statistics, City and Capital was able to truly understand the pedigree of the firm, and the level of service long-standing clients had become accustomed to.
This information was fed into a confidential seller profile which – once approved by the client – was distributed to a list of local, independent advice firms. After receiving a number of positive responses, the team arranged calls with interested parties in order to gain an understanding of their own firm, processes and ambitions.
Of those which were deemed to be a suitable fit, the information was passed back to the seller, to enable him to complete his own research – in his own time. This then led to three exploratory chats with acquirers, with one proving to be a standout candidate.
After several meetings, both parties were able to quickly progress to ‘heads of terms’, with City & Capital Acquisitions on hand to ensure information was requested, collated and shared quickly.
At the time of writing, due diligence is underway, and both parties are in regular contact with regards to plans to inform and visit all the clients. There is the expectation that the acquisition will take place before the end of 2019.