After 3 years, 21 meetings & 5 failed bids, Avocet last week managed to complete the satisfactory share sale & loan account settlement for a retiring partner of a two partner firm of Architects.
There was nil prospect of a MBO involving either the remaining Partner or the under developed Management Team.
This is a difficult sector where there are no sector consolidators & very little money available for acquisitions. Merging is welcomed but only where no money changes hands-NOT what a retiring partner wishes to hear !
The position was further muddied by a recent incorporation of the partnership on very advantageous tax terms- just before the rules change.
Through perseverance & thinking left field, we eventually found a personable sole practitioner, but with large firm experience, with access to funds to complete a transaction, Just as vital he had done his homework on how he would in turn exit in 10 years time !