How an engagement runs
Every engagement follows the same five stages. The scope of each depends on whether Northlight is acting for a seller or a buyer.
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For most of the owners we work with, a sale takes somewhere between six and nine months from the first conversation through to completion, and integration runs for about 90 days after that. Preparation often runs longest. Even well-run businesses have things a buyer will question, and it's better to deal with them before buyers see the business. We find those issues early and help you resolve them, or explain them, before they come up in negotiation.
01
Confidential conversation
ONE MEETING
An introductory discussion about the business, the owner's objectives and the timing. Nothing is shared or recorded beyond what is agreed. If the timing isn't right for a sale, we'll tell you that in the first meeting, along with what would need to change.
02
Position assessment
THREE TO FOUR WEEKS
A review of what a buyer will examine: financial performance, registrations and compliance, workforce, and reliance on key clients or referrers. We go through the business the way a buyer will. You get a written view of what it's worth and what's affecting that.
03
Strategy and preparation
ONE TO THREE MONTHS
We agree the structure, timing and which buyers to approach, and deal with what the assessment found before anyone is contacted. How long this takes depends on what the assessment turns up, since some issues can be resolved in a few weeks and others are better addressed over a longer run-in.
04
Process
FOUR TO SIX MONTHS
For a sale, a competitive process run with selected buyers through to signed terms. For an acquirer, a search that includes businesses not for sale, followed by assessment of fit, the approach and negotiation. In a sale, all buyers work to the same timetable, so they compete on terms as well as price. For an acquirer, the search usually runs three to six months, depending on how many businesses fit the criteria and how many of them are open to a conversation.
05
Completion and integration
90 DAYS FROM COMPLETION
We stay on through completion, moving staff, clients and systems across and making sure what was agreed actually happens. A standard integration runs for 90 days, longer for complex deals or where the owner stays on through an earn-out. Integration planning starts during negotiation, so there's a plan in place on day one.
Working with your accountant and lawyer
Financial and legal due diligence is done by accountants and lawyers. If you already have advisers, they stay on the deal. We coordinate their work, keep it to the timetable and deal with what they find in the negotiation.
What you can expect from us
We act for one side only on any deal. Fees are agreed in writing before work starts. Everything you share is treated as confidential, and we keep you updated at each stage.
The first step is a conversation.