Navigating the Exit Journey
Selling a business is one of the most complex transactions most owners will ever undertake. It involves multiple advisors, extensive documentation, intense scrutiny, and high-stakes negotiations—all while you’re trying to continue running your business.
The reality: Many deals fail not because of fundamental problems but because of poor process management. Momentum stalls, issues escalate, parties lose confidence, and transactions collapse.
At Oppenheim Advisory, we’ve guided numerous business owners through successful exits. Our hands-on experience on both sides of transactions means we know what works, what fails, and how to keep deals on track.
The Exit Process Phases
Phase 1: Preparation (2-4 weeks)
Before engaging with buyers, we ensure you’re ready:
Documentation:
- Virtual data room setup and population
- Information memorandum refinement
- Management presentation preparation
- Q&A briefing documents
Team Alignment:
- Role definition for internal team
- Communication protocols
- Key person availability planning
- Confidentiality arrangements
Advisor Coordination:
- Legal advisor briefing
- Tax advisor engagement
- Corporate finance alignment
- Specialist advisors as needed
Phase 2: Marketing & Initial Discussions (4-8 weeks)
Engaging with potential buyers:
Buyer Engagement:
- Teaser distribution and NDA management
- Information memorandum release
- Management meetings coordination
- Initial offer solicitation
Evaluation:
- Offer analysis and comparison
- Buyer qualification assessment
- Strategy for preferred bidder selection
- Negotiation of exclusivity terms
Phase 3: Due Diligence (6-10 weeks)
The intensive investigation phase:
Preparation:
- Due diligence readiness checklist
- Data room organisation and access management
- Key document preparation
- Response team briefing
Management:
- Due diligence query handling
- Expert session coordination
- Site visit management
- Issue identification and resolution
Communication:
- Regular status updates
- Issue escalation protocols
- Negotiation of findings
- Re-trading prevention
Phase 4: Documentation & Negotiation (4-6 weeks)
Converting terms into binding agreements:
Key Documents:
- Share purchase agreement
- Disclosure letter
- Service/consultancy agreements
- Property/IP transfers
- Other ancillary documents
Negotiation:
- Warranty and indemnity negotiations
- Limitation caps and thresholds
- Completion accounts mechanisms
- Earn-out structures
- Non-compete arrangements
Phase 5: Completion (1-2 weeks)
The final steps:
Pre-Completion:
- Completion accounts preparation
- Condition satisfaction
- Final board approvals
- Funds flow arrangements
Completion Day:
- Document execution
- Funds transfer
- Share transfer
- Announcements
Phase 6: Post-Completion
Ensuring smooth transition:
Transition:
- Handover to new ownership
- Completion accounts finalisation
- Earn-out management
- Ongoing obligations management
Our Role in Your Exit
We serve as your dedicated exit project manager, handling:
Process Management:
- Overall timeline and milestone tracking
- Workstream coordination
- Risk and issue management
- Decision point facilitation
Due Diligence Leadership:
- Query response coordination
- Document preparation and quality control
- Expert session preparation
- Issue resolution and negotiation
Negotiation Support:
- Commercial term analysis
- Risk assessment of warranties
- Completion accounts review
- Earn-out structure evaluation
Advisor Coordination:
- Lawyer briefing and instruction
- Tax advisor integration
- Corporate finance alignment
- Specialist advisor management
Why Process Management Matters
Common reasons deals fail:
Momentum Loss: Delays breed doubt; we keep things moving Due Diligence Surprises: Poor preparation causes renegotiation; we ensure readiness Negotiation Breakdown: Unrealistic positions create impasse; we find solutions Completion Complexity: Last-minute issues derail closure; we anticipate and prevent
Case Study: Successful Trade Sale
We managed the exit process for a B2B technology marketing agency sold to a US acquirer:
Challenge: Owner-managed business with limited transaction experience facing a sophisticated buyer with extensive M&A capability.
Our Role:
- Prepared comprehensive data room (400+ documents)
- Coordinated responses to 500+ due diligence questions
- Managed 8-week due diligence process across 4 workstreams
- Negotiated warranties reducing seller exposure by £600k
- Coordinated completion across 3 jurisdictions
Outcome: Transaction completed in 7 months, with minimal earn-out and strong warranties protection. Owner described the process as “surprisingly smooth given the complexity.”
When to Engage Us
Before you start: Ideal—we ensure proper preparation During marketing: Good—we can shape the process going forward During due diligence: Common—when owners realise the workload When problems arise: We’ve rescued struggling deals
The earlier we’re involved, the more value we can add. But it’s never too late to bring in experienced support.
Working with Other Advisors
We complement, not replace, your other advisors:
Corporate Finance Advisors: They focus on buyer access and headline terms; we manage the process Lawyers: They draft documents; we provide commercial input and coordinate Accountants: They provide financial data; we present it effectively Tax Advisors: They advise on structure; we ensure implementation
Getting Started
Ready to discuss your exit? We offer:
- Initial consultation: Understand your situation and objectives
- Process assessment: Review your readiness and identify gaps
- Engagement proposal: Clear scope and fee structure
- Ongoing support: From preparation through completion
Ready to navigate your exit successfully? Book a free consultation or call us on 07990 835891 to discuss your situation in confidence.