Back to buying
As consolidation picks up pace again, Paul Meehan looks at if any lessons have been learned from the last round of buyouts
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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