A Seller’s Diary – Month 6 – Interest

We’ve finalised the Information Memorandum (a substantial and professionally produced document, and a truthful one) and I’ve pressed the go button for Prism to start speaking with potential acquirers. It has certainly taken a while to get here but it feels good to get going in earnest.

Confidentiality was a key concern and Prism appear to be cautious in how they are approaching potential partners – establishing interest and capability at every stage and ensuring we have a non-disclosure agreement (NDA) in place before the name of the business or any sensitive information is revealed. Our competitors who first approached us are on the list but we’ve been advised not to approach them until a bit further through the process – ensuring that Prism can exert competitive pressure in the bidding process.

I’ve been kept regularly informed about progress. We’ve now sent out ten information memoranda and of these, half have expressed a desire to meet up. Prism has set aside some time to have a dry run – one of them acting as the acquirer to ensure we are communicating the right story. I’ve also set aside some time over the next couple of weeks for meetings, and am just updating our financials.

Meanwhile the business is operating well – and hopefully will exceed the, albeit conservative, forecast. We’ve got some investment decisions to make – not sure how much we should commit – must give Prism a call and get their input.