Investment houseRUB 300m – 5bn
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Selling a business

We bring an asset into the form in which it is bought and take it to the people who want it. First offers by day 45.

The boundaries of the work

WE TAKE ON

Turnover from RUB 300m. The owner has decided to exit. Three years of accounts exist. The asset can be shown to a buyer — production, real estate, an operating business with clients.

WE REFER ELSEWHERE

Assets below RUB 300m: listing sites serve them well. Companies whose accounts are still to be assembled. A sale «just in case», while the decision is still being weighed.

Selling unaided takes a year on average

The cause almost always sits beyond price.

The buyer is working out what they are buying

Equipment in one entity, land held personally, buildings under the wrong permitted use. The conversation ends at the first question.

Price requires a document

A price «by feel» is disputed immediately. A bank considers buyer financing where an independent valuation exists.

The approach goes to acquaintances

The owner calls the people they know. That is three to five people in place of a market.

The process, week by week

Every week closes with a deliverable that stays with you.

1

Document gathering and site visit

Accounts, title, equipment, contracts. An equipment schedule with values.
2

Valuation

Earnings normalisation, net debt and working capital, valuation by three methods. → Valuation report
3

Packaging

Deal structure and the options for a buyer: the whole, the business alone, the property alone. → Teaser
4

Memorandum and model

A document that answers the buyer's questions before they are asked. → Memorandum, financial model, data room
5

Buyer list

Sector players, funds, regional development vehicles, international investors. → List of 30+ with rationale
6

Targeted outreach

Teaser distribution, NDAs, responses to questions. → Tracker: who received it, who signed
7

First offers

Site visits, meetings, collection of indicative offers. → Offer comparison table

What you receive

Documents in place of «support». They stay with you whatever the outcome.

DocumentWhat it is for
Valuation reportA substantiation of price you can cite in negotiation. The buyer's bank considers financing once it exists.
Investment teaserA no-names description for distribution: name and address are disclosed after an NDA is signed.
Information memorandumThe document a buyer reads instead of interrogating the owner.
Financial modelNormalised earnings: what the business actually earns.
List of 30+ buyersNamed companies with the rationale for each.
Communication reportWho received it, who signed an NDA, who made an offer and on what terms.

Terms

The payment relates to documents.

Valuation and preparation of materials

A fixed amount depending on the size of the asset. Credited against the success fee: on a completed sale that amount stays with you.

For comparison: an independent business valuation from an accredited valuer starts at RUB 450,000 on the market and takes three weeks. Two assets — a business and its property — mean two valuations.

Success fee

On a sliding scale by transaction size: the larger the transaction, the lower the percentage. The basis is equity value, the money the owner receives. Payable after funds actually reach you; where consideration is staged, pro rata.

Exclusivity for nine months. Buyers you are already in discussion with are carved out for an agreed period.

Why that basis →

The questions everyone asks

Why is payment made ahead of the result?

The payment relates to specific documents: the valuation, memorandum, financial model and buyer list. They stay with you permanently — including if you decide against selling or go to another adviser. On a completed transaction the amount is deducted from the success fee, so it effectively returns to you.

What assurance is there that a buyer will be found?

Our interest sits in the success fee, which is many times the preparation payment: we carry a risk far larger than yours. The outcome is settled by market circumstance, so we structure the work such that you keep materials you can use independently in any event.

Who will learn that I am selling?

Before a buyer signs an NDA the name, address and identities stay closed. The asset is described on a no-names basis under a code name: sector, region, order of turnover. The circle seeing full materials is agreed with you name by name.

How does this differ from a broker on pure commission?

A broker without preparation shows the buyer what you were showing yourself. A buyer needs a document substantiating price and a comprehensible deal structure — the conversation starts there. A pure commission model leaves preparation outside the scope: the materials simply stay unproduced.

How much of my time will it take?

The load falls in the first week: gathering documents and showing the asset. After that you are needed at buyer meetings, which we arrange and prepare you for.

What remains after tax?

That is calculated before the transaction. The tax map shows what remains under each structural option; on a large transaction the difference between options runs to tens of millions. Analysis with references to the Russian Tax Code.

貨比三家不吃虧 — «Compare the goods at three sellers and you keep your profit»

A Chinese trading maxim, and the reason we take an asset to thirty buyers in place of one acquaintance: price is created by the existence of an alternative.

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