Back to buying

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Buying brokers is back in fashion again, with eye watering brokerage/earning multiples. The tide went out with the credit crunch in 2007, but there is again a flow of capital hungry for the successful brokers that remain.

But what exactly are the consolidators buying?

Many lose sight of the fact that this is a goodwill purchase and often an act of faith. All the due diligence in the world can only expose the past performance of a business and, as all the investment houses say, ‘past performance

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