M&A for the recruitment industry
Contents
1 About Recruitment Mergers
11 Valuing your business
2 Core values
12 Finding & selecting buyers
3 About mergers & acquisitions in recruitment
13 Structuring a deal
4 Market activity
14 Our terms of business
5 The selling process
15 What’s next
6 The buying process
16 Buyer mandates
7 Case studies
17 Buyer mandate terms
8 Appointing Recruitment Mergers as your adviser
18 Meet the team
9 The right time to sell your company
19 Get in touch
10 The M&A schedule
1 About Recruitment Mergers
Recruitment Mergers provides buy-side and sell-side M&A services to the recruitment industry.
Recruitment Mergers is a management consultancy that has been established and built with the primary objective of assisting company owners, either to facilitate their growth plans or to ensure a successful company sale.
At a glance • Recruitment sector specialist • Over 75 years’ combined experience within the industry
Mergers & Acquisitions Recruitment Mergers are specialists in the sales, mergers and acquisitions of companies within the recruitment sector, priding ourselves on an unrivalled, expert service, specific to the industry. For over fifteen years we have established ourselves as market leaders in the recruitment sector. We have built this organically, on reputation for delivering results and Recruitment Mergers is now a name synonymous with sector expertise, confidentiality and proven results within the industry. From our office in Central London we operate a global service, working with some of the most renowned names within the industry. From SME’s to publicly listed companies, and everything in between, Recruitment Mergers provide structured exit strategy management and acquisition target sourcing with the utmost attention to detail.
• Access to all the current, leading industry buyers and sellers • Database of contacts built up over fifteen years • Meeting facilities worldwide
Where to find us
Recruitment Mergers Ltd. 8 Apex Court, Woodlands, Bristol BS32 4JT
+44 (0)1454 275 933 enquiries@recruitmentmergers.com www.recruitmentmergers.com
2 Core values
At Recruitment Mergers, how we conduct business is of paramount importance. Our values are ingrained in every aspect of our working ethos.
A clear understanding
Specialism
As specialists in the recruitment sector, Recruitment Mergers have a clear and precise understanding of exactly what each of our clients do, both buy-side and sell-side. We take time to establish exactly what sellers want to achieve from their exit strategy and how to put the pieces together. By the same token we also have an in-depth understanding of buyers’ acquisition and growth strategies.
Recruitment Mergers work exclusively with companies within the recruitment sector. In short this means we have the industry knowledge and experience required to do the best possible job. Our primary focus and ethos isn’t diluted by work on other industries and as such we provide an unprecedented level of service.
Integrity
We understand that the task of finding buyers for your company is one that requires an incredible level of confidentiality. This confidentiality lies at the heart of our ethos.
Throughout the process we will work with you to ensure that everything runs as smoothly as possible. As with any partnership, 100% honesty and trust are crucial to its success. We conduct our clients’ exit strategies with the utmost attention to detail, ensuring that every need is met along the way.
Experience The team at Recruitment Mergers has many years of experience when it comes to selling recruitment companies. This allows us to provide you with the necessary niche buyers and expertise required to achieve maximum value.
Confidentiality
Adaptability In M&A issues can and do arise. We have the experience, industry knowledge and the creative approach to address these head on and find solutions. Recruitment Mergers put the additional effort in to ensure that we have the best chance of securing the deal you want.
3 About mergers & acquisitions in recruitment
Sector developments
Market drivers:
Customer base
2019 has shown continued demand for talent in the UK, supported by a low unemployment rate of 3.9% (August 2019). This employment level comes during the transitional period of Brexit, the economy’s biggest challenge since the financial crisis. Generally speaking, the sector has shown resilience to this threat, with 30,000+ agencies operating in the UK and over 3,900 set up in 2018 alone.
Profitability
A diverse spread of customers is key when looking at the value of a company. If there is a high reliance on only a small number of customers this represents an increased risk to the buyer. This increased risk directly translates to a lower valuation as it represents a possibility of losing a relatively large portion of revenue. Ideally, a seller wants to have a broad customer base with low risk of impact to revenue.
The positive outlook on the sector is reflected in M&A activity, with 72 transactions completed in the UK alone over the past 24 months (with Asia-Pacific buyers making up a total of 13 deals in the UK market). The attractiveness of agencies to private equity firms also shows no signs of slowing in the number of deals, with appetite for the recruitment sector having returned to pre-crisis levels. This growth reached a peak in the past 12 months, with 18 out of 40 (45%) deals being completed by private equity, which is on par with levels 10 years ago.
Profitability is one of the primary drivers for business value. Asset value, whether a company is asset heavy or otherwise, is a mechanical process which tends to be a more objective valuation metric. It is therefore the normalised profit, and the agreed multiple of that profit figure, that is subjective and determines the value beyond any net asset figure, which an owner could simply realise from liquidating their business. Profit margin also plays a part as companies with higher profit margins due to niche sector business, for example, often command higher multiples and therefore realise an increased price when sold.
Buyer interest Company value will depend, in large part, on how committed and how serious any interested buyers are about the purchase. The right buyer has to be found and of course ‘right’ means different things to different people, resulting in different valuations for the same business. Key attributes of any company need to be identified and matched with the acquisition criteria of a selection of buyers to provide the best chance of finding the right buyer.
Economic performance Recruitment Mergers are seeing an increased number of companies begin to look at acquisitions for the first time as a result of increased performance, healthier balance sheets and retained funds. GDP exceeded its pre-recession peak in Q3 2013 and the UK has continued to see growth in the five years since, so many companies who were suffering now have a solid three years accounts. A large number of M&A deals are based on the previous 3 years EBITDA figures and so with offer values increasing, the frequency of completed deals has reflected this.
4 Market activity
One of the most significant recent acquisitions is the purchase of Alexander Mann Solutions by OMERS Private Equity, the P.E. investment arm of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. The deal is valued at approximately ÂŁ820m. April 2018 also saw Adecco, the worlds leading HR solutions partner, announce the purchase of General Assembly, a New York-based pioneer in education and career transformation. The enterprise value of this transaction totalled $412.5m.
2018 worldwide recruitment deals by sector
Other* Software/online
Engineering
Non-recruitment
Executive search
Manufacturing
Financial services
I.T.
Harvey Nash, the global technology recruitment and outsourcing group, cemented their positon as the market leader by acquiring Crimson for ÂŁ12m. Crimson was founded in 2000 and specialises in digital and technology transformation. Japan-based Trust Tec has increased their presence in the UK by acquiring a majority stake of gap personnel. Taking a 75-per-cent stake in the business, Trust Tec provides gap with
Education
Generalists
Healthcare
a significant springboard, internationally.
Source: MergerMarket * Other relates to sectors with only one transaction in the year
Sell-side transactions
5 The selling process
Desktop review • Obtain information about your business, including accounts • Arrange an initial, exploratory meeting to discuss all aspects of what you are trying to achieve with your exit strategy and how best to proceed • Provide an approximate valuation range and agree on how to conduct the sale and terms of business
1 Marketing the opportunity
2 Buyer meetings • We usually get between twenty and fifty initial expressions of interest and we recommend that this be narrowed down to approximately ten buyers with whom to meet • Arrange a first meeting with the buyer to introduce both companies and meet with the senior management team(s) • Additional information requested
3 Offer submission
4 Deal completion • Due diligence • Contract writing / solicitors – purchase agreement • TUPE transfer of employment contracts • Completion and exchange of funds
• Prepare marketing material including a teaser and information memorandum • Market the opportunity to our current buyers and contacts • Market the opportunity to a wider audience via online, print and telephone campaigns • Collate a shortlist of interested parties for review and approval
5
• Letter of intent (first or indication offer) submitted • Additional meetings if necessary • Negotiation of offer structure including valuation, payment terms and earn out • Heads of terms
6 The buying process
Expressing interest • Respond to teaser document • Exchange information including I.M. (information memorandum) and accounts and submit any questions to seller • Answer any seller questions and qualify funding/interest
1
2
Meeting the company • Arrange and attend an initial meeting • Formulate and submit a letter of intent / non-binding offer / heads of terms
Offer finalisation • Review financials / pre-due diligence and detailed information requests • Agreeing a valuation in principle; additional meetings if necessary • Heads of terms submitted
3 Deal completion
4
• Due diligence • Contract writing / solicitors; purchase agreement • TUPE (Transfer of Undertakings (Protection of Employment)) transfer of employment contracts and other operational tasks • Completion and exchange of funds
7 Case study 1: Temporary construction agency
Desktop review Turnover £3.8m with an adjusted profit of £225k. One major shareholder wishing to exit immediately with the operations director running the business.
1
Marketing the opportunity Registered buyer list contacted, Recruiter advert and website feature. Shortlist of 34 initial expressions of interest.
2
Buyer meetings
Offer submission
Completion
Information memorandum and accounts released to 12 buyers- opportunity pitched and discussed with each. Six buyer/seller meeting took place.
4 full offers were made
Acceptance of offer.
4
5
3 Expectation £1.5m
Outcome Added value
Added value
Added value
Added value
Added value
Advised on multiple non reoccurring costs which should be factored back in to adjust documented net profit in addition to preparing future financial projections.
Created specific list excluding key competitors and buyers who were initially declined. It was agreed that their major client should be approached in addition to Recruitment Mergers’ trade buyers.
A firm direction when conducing buyer/seller meeting along with a justified expectation of sale value and structure ensured no time was wasting in meetings.
Extensive negotiation during offer process in terms of overall price, payment structure and individual terms ensured the shareholders achieved a deal they were happy with. In
Multiple significant stumbling blocks with DD, mainly around EMI scheme and property. Recruitment Mergers acted as a mediator and ensured solutions to issues were found in a quick
addition constant diplomacy between all parties including major client. Value was 16.5% more than initially expected.
manner. This was done whilst removing tension and keeping momentum and focus.
£1.75m 16.5% increase on expectation
Case study 2: Industrial/engineering agency
Desktop review Turnover £7.2m, profit £370k. Two joint shareholders who both wanted an immediate exit.
1
Marketing the opportunity Registered buyer list contacted, Recruiter advert and website feature. Shortlist of 12 initial expressions of interest.
2
Buyer meetings
Offer submission
Completion
Information memorandum and accounts released a selected group of buyers; the opportunity was pitched and discussed with each. Four buyer/seller meetings took place.
One full offer from the buyer, matching sellers expectation.
Offer was eventually accepted after weeks of toing and froing.
4
5
3
Expectation £1m per shareholder, after tax
Outcome Added value
Added value
Added value
Added value
Added value
Meetings and desktop review helped identify the level of marketing that would be required, the role of both major shareholders post acquisition and preferred sale method. An expected
Our extensive marketing and research schedule ensured a wide range of initial prospective buyers allowing the shareholders to pick exactly who they wished to open discussions with.
Made significant progress with one very keen buyer whilst trying to get other buyers to the same stage.
Negotiated the offer to increase goodwill amount along with agreeing the purchase of the balance sheet on a pound for pound basis.
Supported the seller throughout a tough period, buyer was very demanding and changed the goal posts multiple times. Ensured a timely completion of due diligence and purchase
valuation of £1 million after tax for each shareholder.
In addition credit check and qualification process ensured these buyers were suitable.
agreement.
Enterprise value of £2.6m 11.7% increase on expectation.
8 Appointing Recruitment Mergers as your adviser
Why choose Recruitment Mergers?
When it comes to employing someone to do a job for you the important things to consider are industry knowledge, experience and peace of mind. It is important that the company you have entrusted with that job knows what they are doing. Recruitment Mergers work exclusively within the recruitment sector, so our expertise is not diluted in the same way as general M&A consultancies. With a combined total of over 25 years’ recruitment industry experience within the group and an unparalleled knowledge of the industry, Recruitment Mergers are the market leader in M&A within the global recruitment sector.
Industry contacts Recruitment Mergers has spent over five years working with agencies across the UK to assist with their growth plans. Over this time we have built up a database of contacts with which other M&A consultancies are simply unable to compete. We have access to more than eighthundred live, registered buyers.
Marketing Our marketing strategy is second to none, ensuring that only the right people are made aware of the proposed sale and in the right way. Confidentiality and discretion are paramount during this period.
Personal service Unlike generic M&A consultancies, Recruitment Mergers are able to assign a Senior M&A Advisor to manage your exit strategy. With this personal service we ensure that the same point of contact will be present for meetings, consultancy and structure to whatever level you require throughout the process. We understand that this is the most important transaction for a company owner and needs to be handled as such.
Increased deal conversion The general rule of thumb within global M&A is that only 20% of deals are actually completed. There is an infinite number of potential issues within any single transaction and they differ from company to company. Through experience and industry knowledge Recruitment Mergers know exactly what is required to overcome these stumbling blocks, adapt to new problems,
and find creative solutions to ensure that the sale of a company meets the owners’ exacting standards.
Business model Our industry exclusivity provides an edge within the M&A market which is quite simply unmatched. In addition to a registered buyer’s list in excess of six-hundred companies, we have a global database with thousands of relevant industry contacts. Recruitment Mergers are able to collate a shortlist of interested parties, usually anywhere between twenty and fifty strong, within the space of just a couple of weeks.
9 The right time to sell your company
The right time to begin planning your exit strategy is all down to your own personal and business circumstances.
It is important, however, to understand the value of your business not only to yourself as a generator of income, but to the wider market. Of course, the ideal time for you may not coincide with the most favourable time considering market conditions, and so we believe it is best to take advantage when the market is in your favour. The following seven reasons show why it’s never been a better time to sell your business.
1. The Government’s actions Under the current Conservative government, and something which has remained in place in the most recent Autumn budget in November 2017, Entrepreneurial Relief currently reduces CGT from 20% to 10%. This clarification of corporate tax policy has ensured a better platform for M&A activity as it provides greater incentive for sellers to make business related share and asset disposals.
2. Buyers looking to diversify Over recent years , buyers have been acquiring businesses from other, related sectors in order to diversify their service offering. This is apparent in the recruitment sector with temporary-focused agencies aiming to acquire permanent agencies and vice versa.
3. Strategic acquirers
5. Overseas buyers
Due to the current climate of consolidation in recruitment, buyers are looking to strategically invest in companies that show valid opportunities to increase market share. These types of transactions are seeing an increase in multiples above the current market level as it presents companies with an opportunity to add to their client base and increase their margins utilising an improved buying power.
The current weakness of sterling as a result of the effects of Brexit and the still relatively low interest rates has resulted in assets and business interests within the UK being acquired by international buyers. Recruitment Mergers have seen an increased demand for the acquisition of UK-based companies, particularly from the US.
6. Minimised taxation (Entrepreneurial Relief)
4. Wealthy companies Large numbers of cash-rich companies that have experienced recent success, retaining profits during the last few years of economic growth, have funds to invest in new acquisitions. Coupled with interest rates remaining relatively low, and therefore strong support from the UK and global banks, many have acquisition budgets already in place to fund new projects which only adds to the conditions which create competitive tension between buyers and lead to a sellers’ market.
A key reason business owners consider a sale, rather than retiring with a manager in place, is due to Entrepreneurial Relief, as mentioned above. Subject to certain criteria, sellers are only being taxed 10% of any proceeds of a company sale, up to £10million. When realising the value from the sale of your business this reduced tax liability is imperative.
7. Deal scarcity As a much lower number of larger deals are available, larger companies have shifted focus to the mid-market. Companies that show strong financial performance have gained an increased amount of interest from many of our clients and other business owners. Now is the time to gain maximum value for your company.
10 The M&A schedule
Average timescales: an approximation of the stages of the process.
Overview The graph opposite provides a visual representation of the various different stages throughout the selling process in terms of how long each stage will take. Every transaction is different and whilst we do our best to stick to the timescales outlined (which from experience are fairly accurate) all are subject to change.
Within 24 hours Provide you with a draft teaser document for your approval
Some stages will overlap but the general rule is that certain processes need to be completed in order to progress with completing the transaction. A senior adviser will be able to discuss what’s involved in the entire process.
Your appointed Advisor will also utilise Recruitment Mergers’s marketing and telesales team throughout the process. This is all done on a confidential basis by highly trained and experienced M&A professionals.
Immediate
Within 48 hours
Appointment of Senior M&A Advisor to lead the project and be your point of contact throughout terms signed, seller registration and invoice paid
Release the approved teaser document to five-hundred trade buyers
Week 1
Month 1–2
Month 3–4
Month 5–6
Collate buyer questions for you to advise on
Agree with you a period of two weeks during which you would be available to meet with a selection of buyers
Meet and discuss buyers and bids and work on negotiating the price and terms of a deal to suit you
Acceptance or negotiation of terms; due diligence
Weeks 1–4
Month 2–3
Month 4–5
Month 6–9
Present you with a list of buyers who are interested in meeting you
Arrange a set of second-round meetings with between three and five buyers (we should have an indication of where their bid will be by this point)
Select the favourite buyer and arrange LOI and contract to be sent for review
Exchange of money and commencement of transfer
11 Valuing your business
Accountants are usually the first port of call when owners wish to get an idea of the value of their company.
Whilst this may employ many technical methods of valuation the reality is that a company is only worth what the market is prepared to pay for it. Different buyers will value a target company in all manner of different ways and no two offers will be the same. This creates competition which Recruitment Mergers utilises to maximise the price achieved. Recruitment Mergers are seeing an average valuation based on 4–6x adjusted EBITDA for recruitment agencies in the current market. There are a number of key factors which we find affect overall valuations and they are as follows: • Quality of the customer base – spread of clients / percentage of turnover/GP • Opportunity for profitable growth • Service offering – perm/contract/temp. • Sustainability of earnings / quality of profits • Skills of the management and staff • Succession plan in place following the owner’s exit • Ease of integration and synergy with the buyer • Proven track record: history of profits, previous growth and winning new business • Positive balance sheet / working capital and cash reserves • Sector specialism
There is no strict rule when it comes to how a buyer values a business or how they structure an offer but the following formula is a good indication:
Formula Agreed adjusted EBITDA £ x agreed multiple + net balance sheet value + additional assets = Total estimated value Ultimately a company is worth what the market is prepared to pay for it.
12 Finding & selecting buyers
In order to source a range of genuine, relevant buyers there is no substitute for the niche industry specialism Recruitment Mergers are able to provide.
Working exclusively within the recruitment sector we have unparalleled knowledge of the market and are in the best possible position to find buyers for your company. Our comprehensive client list and contact database utilised within our marketing process generates potential targets through a combination of the following: • Desktop review • Sector expertise • Discrete enquiries to our vast network of contacts • Market news Buyers are researched in terms of their relevance to the opportunity, appetite for the acquisition and financial position. Buyers are sourced from these categories: • • • •
Strategic buyer Direct competitor Overseas investor MBO or MBI
• Private individual
Selecting buyers
MBO or MBI
Direct competitor
• Maintains confidentiality; no marketing requirement • Requires strong, well-funded management team • External funding issues • Reporting and controls post-acquisition
• • • •
Understand the vertical or specialism Easy to identify Increased synergy Confidentiality is key
Strategic/synergistic buyer
Private equity / venture capitalist
• • • •
• • • •
Confidentiality still of importance Potential for complementary synergies Management capability is more important Matching corporate culture
Usually beneficial to non-retirement sales Capital for growth; remove risk Management team to remain Normally look at companies with EBITDA of £2m or more
Overseas buyer Private individual • • • •
Fewer preconceptions of seller Legal/cultural issues No UK presence; cross sale Currency exchange rates between countries
• No company infrastructure to provide synergy • Personal guarantees required • Quick decisions with little to no red tape • Strategic input
13 Structuring a deal
There is a variety of different ways to structure a company acquisition and no two M&A deals will be the same. Here are a few examples of the different deal structures we tend to see.
Earn outs
Elevator deals
This is by far the most common deal structure we see within the recruitment industry. A lot of agency business is non-contractual and is reliant on the service provided by that company and its staff, in addition to T&Cs. As a result there is an increased risk when acquiring a company within this sector, which is reflected in an increased desire to retain the owner(s) for a period of time before they leave completely. The most effective way of balancing this is through a deal consisting of an initial percentage paid up front followed by scheduled (usually performance-related) payments over an agreed number of months or years.
These types of deals are more relevant to owners looking to stay within the business after it is sold, cashing in some of the current value of the business whilst retaining a level of equity. Such deals provide a vehicle for expanding future growth prospects through increased funding, larger networks, and more buying power. This is often suitable for businesses during the early stages of growth, younger sellers, entrepreneurs and enterprises.
Deferred payments Similar to an earn out structure, deferred payments are paid out again over an agreed number of months or years. However, unlike payments linked with the performance of a company (usually the bottom line profit figure) they are predetermined amounts paid on a deferred basis. Deferred payments are often financed via a loan or are paid out of future profits of the acquired company.
Cash Essentially this is a deal with the full purchase price being paid on completion. This allows the seller to leave immediately and hand full control over to the buyer. A good option when retiring but one which is very rarely, if ever, seen within the recruitment industry.
Mergers This is a deal where two or more companies combine to form a new, separate entity in which there is usually an equity split between the relative owners. Mergers can sometimes simply occur with two or more companies bringing their business together with one ‘acquiring’ the other but with both or all parties’ owners staying on.
14 Our terms of business
Initial fee
Success fee
Our Initial fee covers: • Access to our database of over eight-hundred pre-qualified trade and non-trade buyers • Advertising and marketing costs for promoting the opportunity to key industry buyers
We charge a success fee, which is a percentage of the total consideration. This is easily covered as we normally achieve 25% more for your company compared with using accountants or opening up to a direct approach.
• Preparation of marketing material including executive summary and information memorandum documents to assist with the sales process
Our weekly contact with the key, industryspecific buyers allows us to match buyer with seller perfectly. The end result is a higher multiple paid for the company due to buyer/ seller synergy.
• Up to nine months of active marketing including telesales, direct mail and email promoting the business to prospective buyers
On the date of completion and exchange of funds our percentage of the total deal (the success fee) is paid to us directly by the seller.
• Travel expenses to and from buyer or seller meetings
Our relationship with our buyers is very important to us and it is imperative that the sellers are fully committed to selling before we proceed.
• Assistance through the negotiation, due diligence and completion process
Our Initial fee shows us that you are committed to the sale; it is payable at the commencement of the seller agreement.
15 What’s next
Take the next step in selling your business.
Ideally we welcome the opportunity to meet with you at a location and time convenient to you. An initial meeting usually takes no longer than an hour or two and confers no cost or obligation to you, with confidentiality and discretion of utmost importance. In addition to this it is useful to be able to review some preliminary information about your company, including recent accounts and any relevant marketing material in order to provide a brief desktop review. We are also able to provide a valuation estimate of your company which we will be able to discuss in detail, along with any other questions / queries you may have or topics you wish to cover.
To discuss confidentially and with no obligation... Call us on +44 (0)20 3872 5838 Email us at enquiries@recruitmentmergers.com Visit us online at www.recruitmentmergers.com
Buy-side transactions
16 Buyer mandates
Recruitment Mergers also provide buy-side solutions for companies with aggressive growth plans.
We market a portfolio of companies that have signed a seller mandate for sale on a quarterly basis. However, there is a large number of other company owners making up our new business pipeline that are either in the process of considering options, aren’t ready to go to the market to source buyers or have asked to be contacted only by a select few, specific buyers. Through our buyer mandate service we are able to introduce these companies on an exclusive basis as potential acquisition targets. In addition to these companies we also utilise our extensive marketing strategies across multiple platforms to go out to the market confidentially in order to source additional target companies. Recruitment Mergers works to your specification and criteria, using thorough and diligent qualifying techniques in order to ensure that you are only presented with viable targets.
The benefits of your working with us under a buyer mandate • Recruitment Mergers represents you, not the seller, throughout the process • You will be given first refusal on any acquisition opportunity we present to you • There is a massive time saving, as there is no bidding process to manage • Recruitment Mergers will run a targeted telemarketing campaign that suits your specific requirement, based on turnover, location and/or service offering • We can also approach direct competitors in a strictly private and confidential manner upon request • The service will continue until you have made a successful acquisition • You will have far greater control over the entire process • Guaranteed delivery This service is ideal for any recruitment agency that is serious about acquisition and is looking for quick, guaranteed results.
17 Buyer mandate terms
For buyers it’s often difficult to find and approach a target company directly. Recruitment Mergers remove the hassle and replace it with options.
Initial fee
Success fee
Our Initial fee covers:
We charge a success fee, which is a percentage of the total consideration. This is easily covered as we provide target companies that aren’t otherwise on the market and normally negotiate a total valuation factoring in any fees. Our regular contact with company owners allows us to match sellers with buyers perfectly.
• Access to tens of thousands of industry contacts • Advertising and marketing costs for promoting the opportunity to key industry contacts • Preparation of marketing material including executive summary documents and information memoranda to assist with the process • Extensive and continuous active marketing including telesales, direct mail and email promoting the opportunity to prospective sellers • Travel expenses to and from seller and buyer meetings • Assistance through the negotiation, due diligence, and completion process Our Initial fee shows us that you are committed to the buy-in process; it is payable at the commencement of the buyer mandate agreement.
On completion and exchange of funds our percentage of the total consideration is paid to us directly by the buyer. Our relationship with our sellers is very important to us and it is imperative that buyers are fully committed to making an acquisition before we progress.
19 Get in touch
Please don’t hesitate to contact us with any questions or enquiries you have about the value of your business or the opportunities we’re currently working on.
Phone +44 (0)1454 275 933
Email enquiries@recruitmentmergers.com
Web www.recruitmentmergers.com
Address Recruitment Mergers Ltd. 8 Apex Court Woodlands Bristol BS32 4JT