Rebecca McCann
Gwam Raliah
say, ‘You can’t do that’. You can do what you want, it’s your business, it’s your risk, but you need to understand how that risk plays out.
The adviser role is to get to the bottom of the business and the people driving it. That relationship matters more than the transaction mechanics.
Richard Wallace
points are often pace and volume. The requests come fast and if your information isn’t organised, leaders lose time and confidence.
CF: Due diligence can feel like a personal critique of decisions you have made.
RW: In a technical and regulated environment, due diligence goes beyond the numbers. Buyers want confidence in compliance, capability and delivery, and if that information isn’t well organised, the process becomes far more disruptive than it needs to be.
One of the biggest realities that comes out during due diligence is around expectations. Sellers often have a view of what their business is worth, but the process tests that against evidence and delivery capability. That can be uncomfortable, but it’s not personal.
GR: I remember going home and joking that I’d effectively ‘bought a hospital’. That was how quickly the responsibility landed. It’s a good reminder that due diligence is about understanding what you’re taking on, not just what you’re buying.
What role do advisers and funders play in getting a deal over the line?
ES: When a client rings and says they want to do something, as a lawyer you shouldn’t just
The night before completion I had a client ring me and say, ‘Why am I doing this?’ That conversation wasn’t about documents. It was about the human reasons behind the deal.
CC: Funders add value when they challenge assumptions early and keep discipline around the plan. Capital helps, but realism helps more.
PC: External advisors and funders often engage early to ensure a business is operationally and financially ready for investment or transaction. By bringing in the right support ahead of a deal, they can help build an efficient, scalable finance function that gives confidence, improves visibility, and ultimately helps get the deal over the line.
Through this proactive approach – working alongside partners like Sowena – we’re not only facilitating a successful transaction, but also setting the business up for its next phase of growth, where long-term value can truly be realised.
What are the biggest post-deal lessons you have learned?
PF: Integration is the main lesson. If the people aren’t brought with you, the deal will feel wrong even if the numbers look right.
You need to plan for what happens after completion, not treat completion as the end.
ES: Trust is everything. If a client trusts you, they will tell you what’s worrying them, and that’s often the difference between a smooth completion and a late wobble.
GR: Our experience was about purpose as well
Emma Swan
as growth. We’re a family business operating in a healthcare environment tied closely to NHS systems and demand.
The trigger for us was seeing a real gap and deciding to take a calculated gamble. Post-deal, you learn quickly that systems, people and delivery matter more than the headline.
In our world, risk tolerance is very real. Decisions can move quickly and you sometimes realise the scale of responsibility after the fact. Due diligence then becomes about whether you can deliver safely, not just whether the numbers stack up.
CF: The emotional impact – an exit is a one time event for most people, it’s like a child leaving home. You trust that you’ve made the right decision, not just for yourselves, but for everyone who has supported you on the journey to that exit point.
NC: One of the realities people don’t talk about enough is how deals can change personal relationships. In our case, my best friend and business partner exited the business. Commercially, the deal made sense, but personally it’s been hard. That human cost doesn’t show up in the paperwork.
MB: Patience is a lesson. Transactions are intense and emotional but the value plays out over time.
RM: One of the biggest surprises for sellers is the loss of control after completion. Even when buyers say nothing will change, you are no longer making the final decisions. Handing over what has often been your ‘baby’ can be emotionally difficult, particularly in long- established or family businesses.
PC: If there’s one consistent lesson, it’s preparation and clarity. Do the work early, be honest about what needs fixing, and don’t pretend a deal is a magic solution. Be proactive and not reactive.
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DOING THE DEAL
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