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M&A in people based business

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Mergers and acquisition in a people based business. Presenter Andy Blackstone, Corporate FD of M&C Saatchi plc

Mergers and acquisition in a people based business. Presenter Andy Blackstone, Corporate FD of M&C Saatchi plc
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M&A in people based business M&A in people based business Presentation Transcript

  • Mergers and acquisition in a people based business
    Presenter Andy Blackstone, Corporate FD of M&C Saatchi plc
    15:30 - 16:05 (Keynote activity at Augusta suite)
  • How do you structure acquisitions when the key assets that you are buying leave the office every night
  • Should you be acquiring?
    • Could you do it organically by buying the talent
    • Playing on the entrepreneurial spirit
    • Could you buy the revenue
    • Set a company to do the buying only and try and get a tax deduction for the investment
    • Watch out for TUPE
  • So you still want to acquire
  • Why are they selling?
    • To release value
    • To pass on to the next generation
    • To be able to grow
  • Keeping former owners motivated and entrepreneurial?
    • Buy outs with contingencies
    • Leave owners / level 2 managers with 20% to 40% equity
    • Business continuation clauses
  • Creating a long term flexible structure for people based businesses
  • LLP’s are better structures for people based businesses
    • Flexible and private structures
    • Can be change by agreement
    • We are now dealing with partners
    • No schedule E on equity issue to partners
    • No Employers NI
    • Partners lose employment rights, maternity pay etc.
    • Entrepreneurs relief on holding less than 5%
    • Cash flow advantage – personal tax paid after tax year ½June ½January. So withhold tax element and pay it later.
  • Questions
    Presenter Andy Blackstone, Corporate FD of M&C Saatchi plc