What was the deal? 

It was the retirement sale of specialist events business PTP. This took place more than a decade ago, but really typifies the kind of deal that forms our daily diet. It’s also typical of how we build relationships with clients at this end of the market – the smaller end of the SME market.  

PTP was a classic family entrepreneurial business – founded and wholly owned by a husband-and-wife team, Phillip and Maggie Talbot. The owners had a strong theatrical background, which they had used to identify a gap in the market and went on to found an independent production company for live events, with a particular focus on awards ceremonies. Their organisation had become probably the premier name in their niche market in the UK.  

PTP was sold to Elevation, an events agency that was backed by overseas investors, for around £3m.  

What were the timescales? 

The deal took 18 months from start to finish. Despite doing all the right things, and all in the right order, after nine months we’d got nowhere, so we met the two owners for a review just before Christmas. They apologised to us for their business and asked if we thought they were wasting their time trying to sell it. This was absolutely not the case. It’s just the way it goes sometimes, but you have to keep the faith and you will get there.  

Then a month later, we had three strong interested parties and they were fighting over it. It took a further nine months to complete. Ultimately we concluded a sale, as is often the way with SME owners, not to the highest bidder but to the buyer they felt was best for the business and its employees going forward.  

Who were the advisers? 

We had been introduced to the deal by PTP’s accountants, Crossley Group, which is still based in Rochester. It actually became and still is our own accountants. We were well supported throughout the deal by Crossley. The lawyers were ASB Law. We worked well as a team – something that is absolutely key in smaller deals, as is a commercial and pragmatic approach undertaken by all parties. 

Have you maintained contact? 

As is often the case with our entrepreneurial clients, we develop very good relations during what is usually a strange and a stressful time for them, and frequently maintain contact subsequently. In this case we kept in close touch, so that some years afterwards they introduced us to their son so we could advise on his own business. We’re still in touch 10 years later. 

What were the lessons learned? 

There were three key lessons here, which have applied to pretty much all our deals in the owner-manager segment of the SME sector. First, having good relations and mutual trust with our clients goes an awfully long way towards achieving a successful outcome. We see a number of potential clients every month and are always honest and straightforward with them. We are as helpful as we can be before we are signed up, to build that trust and relationship. Second, sheer bloody-minded perseverance and tenacity also tends to pay off in the end. Finally, however hard you work, a bit of luck along the way is always welcome. 

The CV 

Mike Halls is MD of Beer Mergers, an independent corporate finance advisory firm based in Westerham, Kent. Halls founded the boutique firm, which specialises in advising privately-owned SMEs, in 1996. He previously worked for EFG Private Bank and The Business Exchange, having spent more than 20 years in corporate banking.   

Recent deals 

• Sale of a specialist customs consultancy in July 2022, for £1.6m, to a national accountancy firm 
• Sale of a private logistics firm in February 2022 for £2m, to a UK trade buyer 
• Sale of a family-owned group of three equestrian businesses in July 2021 for £400,000 to a private entrepreneur