Our latest news and analysis.


The M&A Lessons of Bondi Sands.

Another local success story has been snapped up by a global giant. This time it is homegrown self-tanning company Bondi Sands selling to Japanese beauty giant Kao Corporation. While a smaller transaction than the $3.7 purchase of Aesop by L’Oreal back in April, it is still a very large deal. Media outlets are reporting Bondi Sands’... Read More


When a company receives an acquisition offer, it is common for the proposal to value the business on a “cash-free-debt-free” (“CFDF”) basis. For example, the letter of offer might state the business is being valued at, say, X-times the previous 12 months’ EBITDA on a CFDF basis. It is essential that business owners understand ex... Read More

Why a bigger businesses is more valuable*.

(* – all things being equal!) As advisers we speak to business owners at all different stages of their exit journey. Some business owners that we speak to are for various reasons keen to get out almost immediately. That scenario leaves little time for preparation and planning, and it is then just a case of quickly tidying up the bus... Read More

The one thing business owners often ignore about exit planning.

In our line of work, you end up having a lot of conversations with business owners. It’s one of the more enjoyable and inspiring parts of the job. These are people who very often started their business around their metaphoric kitchen table. They did it with little more than their personal credit card and the hunger – perhaps looking b... Read More

Selling A Business During A Recession

Economists are divided on whether Australia is headed for a recession. While the Federal Treasurer is insisting neither Treasury nor the RBA is currently forecasting a recession, several leading market analysts are assessing the chances of a recession in the next 12 months as probably 50/50. The signals are certainly mixed. Since May 2022... Read More

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