For most owners, the sale of a company happens once. It is the work of a lifetime, often of a family, and it deserves the same care that built the business. We advise a limited number of owners each year, so that every mandate receives the full attention of a partner, through the close and the transition that follows.
An owner, a family, a fund and a corporation each measure a successful transaction differently. Select yours to see how we approach it.
Sell, recapitalize or plan succession on your terms.
For most founders, a sale is the defining financial event of a career, and it happens once. We give you a candid view of value and readiness before any decision, then run a disciplined, confidential process designed to maximize both price and certainty.
Our principals have been part of more than $15 billion in transactions across investment banking, private equity and corporate development.
We have advised sellers, underwritten investments as a financial sponsor and executed acquisitions inside one of the world’s largest corporations. Because we have sat on every side of the table, we know how each type of buyer measures value, and we prepare a company to meet that measure before it goes to market. We define the equity story, defend the quality of earnings, build competitive tension among a curated group of strategic and financial buyers, and negotiate structure as rigorously as price.
The result for our clients is a stronger valuation, greater certainty of closing and terms that protect what they have built.
Exclusive, partner-led representation for owners pursuing a sale, recapitalization or strategic partnership. We run a competitive process with the discipline of a global investment bank and the discretion of a private one.
The highest headline price is not always the best outcome. Certainty of closing, the working capital target, escrow terms and after-tax proceeds can move what a seller actually realizes by more than the difference between bids.
Capital is available, but it is concentrating on companies with clean, defensible earnings. In this market, preparation separates outcomes more than timing does.
Two companies with identical earnings can sell for very different multiples. These are the six factors buyers weigh most heavily, and what an owner can do about each before going to market.
Buyers rebuild EBITDA from the general ledger, testing every owner adjustment, one-time item and revenue-recognition policy. An adjustment that cannot be documented is removed, and the price falls by that amount times the multiple.
Commission an independent quality-of-earnings review before going to market, and close the books monthly with consistent policies.
Contracted, subscription and repeat revenue commands a premium because it reduces forecast risk. Buyers analyze renewal rates, contract terms and customer cohorts over several years.
Document renewal history and contract terms by customer, and convert informal relationships into written agreements where practical.
When a single customer exceeds roughly 15 to 20 percent of revenue, buyers price in the risk of losing it, often by shifting part of the consideration into an earn-out or escrow.
Extend key contracts before a sale, add change-of-control protections where possible, and show evidence of a broadening customer base.
If pricing, key relationships or daily decisions run through the owner, the business is harder to transfer, and buyers discount for the risk or require a long transition.
Build a second layer of management and hand over key relationships twelve to twenty-four months before a sale.
Buyers pay for a forecast they can believe. They compare the plan with the company’s recent record and test the pipeline behind next year’s numbers.
Set a budget you can meet, then meet it. A record of achieved forecasts is worth more than an ambitious projection.
Surprises in diligence are the most common cause of price reductions after a letter of intent. Contracts, permits, leases, employment terms, tax filings and tariff exposure all come under review.
Assemble a data room before launch, resolve known issues early and quantify any cross-border or tariff exposure, so buyers price facts rather than uncertainty.
Deal activity, private equity, financing conditions and the policy shifts shaping Canadian mid-market M&A in the third quarter, with our reading for owners.
Every situation differs. A confidential conversation with a partner is the surest way to answer these for your company.
Ask us directlyIdeally two to three years before you intend to sell. That allows time to strengthen management, clean up financial reporting and resolve the issues a buyer would find, each of which affects price. Owners who start early also have the freedom to wait for the right buyer.
There is no obligation. We also welcome introductions from a client’s legal, tax and wealth advisors.
