Acquisitions: the price is wrong

Paul Anscombe

As a broker who has made acquisitions in the past and fully intends to do so in the future, I am often staggered by sellers’ expectations about the value of their business in the current climate. The big turnover-related multiples of years gone by are still quoted by sellers, even when their profitability is low or non-existent.

Some, after realising that the true market value is a fraction of their target price, decide not to sell now in the belief that “the good times are just around the

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