Succession 60 second interview - Beaufort Research, Management Buy-Out
Beaufort Research is one of Wales’ largest and best-known
marketing and social research agencies. Long-standing directors
Fiona McAllister and Chris Timmins used a Finance Wales loan to buy
out the company’s founder in March this year. Here Managing
Director, Fiona speaks about the experience.
What were your reasons for
pursuing a management buy-out?
My colleague Chris and I have been directors
of Beaufort for the last seven years following the retirement of
the company’s founder. We know the business inside out, so the time
seemed right for us to step up and take full ownership.
Did you have any prior
experience of buying a business?
No, not really! Neither of us had been
through a management buy-out before so it was a completely new
situation for both of us. Our starting point was to get as
much advice as possible from friends and family with an accountancy
or financial background. We also approached Finance Wales
early on to get a better understanding of the funding options open
to us as well as the process we’d need to go through.
How would you describe the
As with any legal process, buying a business
takes time, but generally it was relatively painless as we had
excellent advice from the corporate financial adviser we employed.
We also found Finance Wales to be very helpful and flexible in
dealing with our funding application.
How did you feel becoming a
majority shareholder of the business?
Amazing! Beaufort is a strong,
well-regarded agency and it’s great to feel that we’re now in
control of our own destiny.
What advice would you give
other management teams thinking of pursing an MBO?
Go for it! You’ll know if you have the right
experience, skills and enthusiasm to make a success of the business
going forward. Don’t be put off by what seems like a complex
process – there’s plenty of expert help and advice available. Do
make sure you get professional advice though - trying to manage the
whole process as well as the negotiations on your own could take up
a huge amount of your time and potentially impact on your ability
to focus on your business.
If you’re a management team with
aspirations to become a majority shareholder speak to Finance Wales today to find out
how our funding can help.