1. TESTIMONIAL FOR ROBERT WILLIAMSOF WILLIAMS & CO
We decidedtosell ourUK companyin2014. I became CEOcharged withpreparingand
implementinganExitPlan.
I appointedRoberttoadvise boththe companyandas individualsinpreparingthe company
for sale,preparationformarketinganddocumentationaswell asprospective targetsand
industrytrends.
He preparedusmeticulouslyforthe manypitfallsandfrustrationsthatcanoccur throughout
the process,as well assettingexpectationsforprice,costs,tax treatmentetc.
The company isa small pensionadministratorandassuch isregulatedbyFCA whichaddsan
extralayerof complexityinthattheyneedtoapprove anydeal as well asthe individuals
whowill be runningthe companyandholdingthe seniorregulatoryaspectsof the business.
An InformationMemorandumwasdevelopedandsenttoagreedtargetson an anonymous
basis.
The response waspositive asitisa verybusysector whichledtoa seriesof detailed
discussionsandsubsequentlymeetings,someof whichwe attendedtogether,some of
whichhe attendedalone tovetsuitabilityandtoeliminatewhereappropriate.
Robertwas a toughnegotiatoronour behalf andhisexperience andknowledge of how deals
workwas invaluableinthisprocess.
At thisstage we decidedtoaddin our sistercompanyonthe IOM to the equationwhich
againaddedcomplexityandregulatorymatters.
A numberof meetingstookplace overseveralweeksandgraduallyashortlistof buyersfor
each companywascompiledwith agreedprices.
It was a preference of the shareholdersthatthe companywassoldas a goingconcern to
ensure jobsecurityforthe team,if possible whichneededmanaginginthe process.
Robertmetwiththe shareholdersandmade hisrecommendations.We agreedtogrant
exclusivitytoone prospective purchaserforbothcompanies,if theyagreedtotweaktheir
offersslightlywhichtheyagreedtodo.
The Exclusivityanddue diligence periodwasadifficulttime whichneedledcareful
managementandexperiencedhandling.
Complicationswiththe regulatoryprocesswereexperiencedwhenitemergedthe purchaser
had seriouslyunderestimatedthe processandthiscouldhave causedthe dealstofail if it
had notbeenmanagedprofessionallybyRobert.
We movedtoHeadsof Termsand subsequentlytodrawnoutSPA processwhere Robert
workedcloselywithourlegal advisersandthe purchaser.
The deal was finallycompletedinApril 2016.

2. I cannot speaktoohighlyof Robertsmanagementof thisentire processfromstart tofinish.
His experience andtoughnegotiationstyle wasagreathelpinwhat became a very
complicatedanddrawnoutprocess
ChrisWilliams cgw77@btinternet.com 07715 785684