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Financieel Management

Once the possibility of a buyout has been established, it is customary for the management to consult an experienced and expert financial adviser.

Managers are unlikely to perform more than one buyout in their working lives and appropriate advice at an early stage is sensible when embarking on such a complex and sophisti-cated transaction. In addition, management will find themselves under immense pressure and severe time constraints during the process, as well as having to fulfil their continuing management responsibilities.

The financial adviser will mitigate this burden and will play a number of different roles in the course of the buyout. More important at the outset is the estimation of management’s chances of success and advice on how and when to approach the vendor. It is not unusual for the financial adviser to be officially mandated after the approval to pursue a buyout has been obtained from the vendor.

Prior to this approval, the adviser must be willing to have exploratory meetings in absolute confidence, without any cost or sense of obligation, to advise upon the feasibility of the envisaged buyout.

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