2026 is proving to be a significant year for M&A activity, with a notable shift in the conversations taking place between business owners, investors and acquirers with regard to strategy.

Aligned to this there has been a 12% rise in the aggregate value of UK M&A activity to £131bn (source: PWC), with a strong appetite for high-quality UK businesses across many sectors, from Private Equity houses, trade/strategic buyers and financial investors still actively looking for opportunities.

Significantly, the average deal size increased by 28 percent, with interest rates and reducing inflation adding further impetus to buyside intent and activity. As a result, many informed business owners are beginning to prepare and position themselves, well ahead of any formal sale process.

What buyers are seeking

According to commentators ‘quality businesses’ are in high demand and attracting serious acquisition interest (source: PWC). Below we assess some of the key criteria credible proactive buyers are currently seeking:

1. Recurring/Predictable Revenue

Businesses with strong levels of recurring or repeat revenue continue to attract significant interest.

Buyers place considerable value on visibility and predictability of earnings, particularly in uncertain economic conditions. Long-term contracts, retained clients, subscription models and recurring service revenues can all contribute positively to valuation and deal confidence.

2. Strong/capable Second Tier Management

Businesses where knowledge, relationships and operational control sit too heavily with the owners can indicate significant risk in the mind of the acquirer. Often companies with heavy owner-reliance see potentially reduced deal values/sale prices.

In contrast, companies with capable second-tier management teams, delegated responsibilities and operational maturity are often viewed as highly attractive, commanding higher deal values.

This does not mean founders need to step away from their business before considering a sale. However, demonstrating that the business can continue to perform and grow beyond the founder is increasingly important.

3. Clean Financial Reporting and Visibility

As the old adage goes, Turnover is vanity, Profit is sanity, Cash is king! Yet cash generative businesses with poor financial controls and reporting frequently encounter difficulties when attempting a sale.

Decent internal systems and accurate financial reporting is one of the clearest indicators of a well-managed business. Businesses with strong reporting disciplines often progress through due diligence more efficiently and with fewer challenges later in the process.

4. Strong/Growing Market Sector

Market sectors offering strong growth and good earnings potential naturally attract investment and higher levels of M&A activity. Commentators are highlighting TMT, financial services, energy infrastructure, and healthcare as key active sectors in 2026 (source: PWC).

As a sector agnostic advisor, the EvolutionCBS deal team continues to see strong interest in a wide range of sectors, including fire safety, consultancy, B2B product supply, engineering and specialised manufacturing.

Crucially, companies with a defensible sustainable growth potential, market position, strong client relationships, and technical expertise/differentiated capabilities in these sectors.

Preparation is key

For business owners considering a sale preparedness is essential. One of the biggest misconceptions around business sales is that preparation only becomes relevant once an owner has decided to sell.

In reality, the opposite is often true. The businesses that achieve the strongest outcomes are frequently those that have spent time preparing well in advance: strengthening management structures, focused on growth and cash generation, reducing risk and understanding how buyers may view the business.

Being well prepared will not only creates options for owners, but allows shareholders to make decisions from a position of strength rather than pressure.

Thinking about selling in the next few years?

Join our exclusive masterclass, **Pole Position: Preparing Your Business for Sale**, and discover what buyers are really looking for, how to maximise value, and the steps you can take now to improve your outcome when the time comes.

Learn more and book your place HERE

At EvolutionCBS, we work closely with owner-managed businesses to help them understand how the market may view their business today, where value can potentially be strengthened, and how future strategic options may evolve over time.

Whether a shareholder is considering a sale in the short term or simply beginning to think more strategically about the future, early preparation can have a significant impact on long-term outcomes.

To discuss valuation, readiness or future strategic planning in confidence, please contact us.

In reality, it marks the beginning of one of the most important phases of the transaction.

The period between agreeing heads of terms and completing a deal is where the detail behind the deal is fully explored — assumptions are validated, risks are identified, and both parties build the confidence required to complete. While much of this work happens behind the scenes, it plays a decisive role in determining whether a transaction completes smoothly and on agreed terms.

Due diligence is where value is confirmed — and tested

Following an agreed offer, the buyer will undertake a detailed due diligence process.

This goes beyond simple verification. It is a comprehensive review of the business across financial, commercial, operational, and legal areas — giving the buyer a far deeper understanding of how the business performs in practice.

When a business is well-prepared, this stage typically runs in a structured and efficient way, reinforcing the value already agreed.

Where preparation is less robust, however, issues can surface at a point where leverage has shifted — which can lead to increased scrutiny and, in some cases, pressure on value or deal terms.

Managing the process, not just the transaction

This stage brings together multiple parties — legal advisers, financial advisers, management teams, and the buyer’s due diligence providers — all working towards completion.

Information requests become more detailed, timelines can come under pressure, and momentum can be lost if the process is not actively managed.

Our role during this phase is to lead and coordinate the process end-to-end — managing information flow, driving momentum, aligning all parties, and ensuring that the deal agreed at heads of terms is the deal that is delivered at completion.

Maintaining value through clarity and control

As buyers gain deeper insight into the business, it’s common for elements of the deal to be revisited — whether in relation to pricing, structure, or contractual terms.

This is a natural part of the process. Greater visibility allows both sides to refine the agreement with greater certainty.

Where a business has been well-positioned from the outset, and potential issues have been identified early, these discussions tend to be constructive and well-controlled.

Where this is not the case, there is a greater risk of value erosion as the process progresses or even deal collapse — which is why preparation and active management are critical.

Completion is the result of a well-managed process

Completion is not simply a final step — it is the outcome of maintaining momentum, managing detail, resolving issues and keeping all parties aligned as the process evolves.

By taking a hands-on role throughout, we ensure the process remains controlled, focused, and progressing towards a successful outcome.

Preparation makes the difference

As with every stage of a transaction, what happens between offer and completion is heavily influenced by the level of preparation beforehand.

A well-prepared business, supported by a structured and proactively managed process, is far more likely to move efficiently through due diligence and complete on agreed terms.

For many owners, this stage provides both clarity and challenge — testing the detail behind the deal while ultimately strengthening it.

In our experience, the better prepared a business is for this phase, the more controlled, constructive, and successful the journey to completion becomes.

Thinking about selling in the next few years?

Join our exclusive masterclass, **Pole Position: Preparing Your Business for Sale**, and discover what buyers are really looking for, how to maximise value, and the steps you can take now to improve your outcome when the time comes.

Learn more and book your place HERE

At EvolutionCBS, we work closely with owner-managed businesses to help them understand how the market may view their business today, where value can potentially be strengthened, and how future strategic options may evolve over time.

Whether a shareholder is considering a sale in the short term or simply beginning to think more strategically about the future, early preparation can have a significant impact on long-term outcomes.

To discuss valuation, readiness or future strategic planning in confidence, please contact us.

What is less often considered, but equally important, is whether the advisory team leading that process has the depth of experience required to position the business effectively in front of the right buyers.

This is particularly relevant in sectors such as Technology, Media and Telecommunications (TMT), where value is not always immediately visible on the surface, and where buyer expectations are shaped by a combination of commercial, technical, and strategic factors.

Against this backdrop, EvolutionCBS is pleased to welcome Dolf Campman and Pradip Somaia, Partners at our sister company Regent Evolution, to the team further strengthening our capability in these areas.

Experience that reflects how buyers assess value

Both Pradip and Dolf bring extensive experience advising on complex corporate transactions, with a particular focus on TMT and technology-enabled businesses.

Pradip Somaia, a Fellow of the Chartered Institute of Management Accountants and Chartered Global Management Accountant, brings more than two decades of corporate finance and M&A advisory experience. His transaction track record includes advising on a number of notable deals, including the sale of BTCSoftware to HG Capital-backed Bright Group and InfoFlex to Civica. Over the course of his career, he has led more than eighty advisory assignments spanning acquisitions, divestments, business sales, funding rounds, valuations, and strategic consulting.

Pradip Somaia, a Fellow of the Chartered Institute of Management Accountants and Chartered Global Management Accountant, brings more than two decades of corporate finance and M&A advisory experience.

His transaction track record includes advising on a number of notable deals, including the sale of BTCSoftware to HG Capital-backed Bright Group and InfoFlex to Civica. Over the course of his career, he has led more than eighty advisory assignments spanning acquisitions, divestments, business sales, funding rounds, valuations, and strategic consulting.

Dolf Campman is a senior investment banking professional with significant international experience across the TMT sector. His work spans B2B software, telecommunications, broadcasting and publishing, providing him with a broad perspective on how businesses are evaluated by both strategic acquirers and financial investors. He is particularly experienced in cross-border transactions and in supporting entrepreneurial and private equity-backed businesses through buy-and-build strategies — enabling him to identify where value can be created, and how it can be clearly articulated within a sale process.

Together, their experience reflects a deep understanding of how buyers assess risk, structure transactions, and ultimately determine value.

Strengthening capability, not increasing volume

These appointments are not about increasing the number of clients we work with. They are about strengthening the level of expertise we bring to each engagement.

At EvolutionCBS, we continue to work with a small number of clients at any one time, allowing us to provide a Low Volume Premium Guided Service built around senior leadership and sustained involvement throughout the process.

By adding further depth of experience within the TMT sector, we are better positioned to support clients operating in these sectors — particularly where transactions involve technical complexity, international considerations, or evolving buyer expectations.

Building each process around the individual business

While sector expertise is valuable, our approach remains focused on understanding each business on its own terms.

Our role is to identify specific drivers of value within each opportunity, ensure that they are clearly presented, and manage the process in a way that protects and enhances that value throughout.

This requires detailed preparation, careful positioning, and a level of involvement that extends well beyond simply bringing a business to market.

EvolutionCBS Managing Director, Mike Whittle, commented: ‘We are delighted to formally welcome Dolf and Pradip to the EvolutionCBS team. Over the past 16 years, we have remained committed to our core values of quality, integrity, and passion, underpinned by the depth of experience our team brings to every transaction. I am confident that Dolf and Pradip share this mindset and will be a valuable addition for both our colleagues and our clients.”

Thinking about selling in the next few years?

Join our exclusive masterclass, **Pole Position: Preparing Your Business for Sale**, and discover what buyers are really looking for, how to maximise value, and the steps you can take now to improve your outcome when the time comes.

Learn more and book your place HERE

At EvolutionCBS, we work closely with owner-managed businesses to help them understand how the market may view their business today, where value can potentially be strengthened, and how future strategic options may evolve over time.

Whether a shareholder is considering a sale in the short term or simply beginning to think more strategically about the future, early preparation can have a significant impact on long-term outcomes.

To discuss valuation, readiness or future strategic planning in confidence, please contact us.

The Associate Client Director role is central to the proactive management of the EvolutionCBS sales process. Acting as deal leaders and strategists, they are trusted advisors who guide/lead clients through preparing for exit, marketing the business, managing negotiations, through to completion of the sale. All of EvolutionCBS’ Associate Client Directors have held senior directorships and fiduciary roles in established companies and have extensive experience of selling companies.

From the moment an owner decides to explore an exit, our Associate Client Directors:

• Develop bespoke exit strategies tailored to the client’s goals.
• Manage our dedicated deal team to fully understand the opportunity your business represents and create the formal documentation we will use at market.
• Lead negotiations to secure maximum value.
• Leverage EvolutionCBS’ extensive network to identify the right opportunities.
• Provide clear, honest advice at every step, ensuring clients feel in control.

Their role goes far beyond “advisory” — they’re champions for EvolutionCBS clients, ensuring that hard-earned legacies are protected, value is maximised and the sellers best interests are represented.

Mike Whittle, Managing Director of EvolutionCBS comments:

“Our new senior deal team leverages decades of deal making experience to ensure EvolutionCBS clients get the very best M&A advisory services, care and attention, especially as our low volume, premium guided service continues to deliver exceptional deals in the £5m-£50m EV range.

“The team has completed deals in industries as diverse as Waste Management, Technology/Software, Manufacturing, Business Services, Automotive and Travel, and maintains an enviable near 80% success rate,” Mike concludes.

A sector agnostic advisor, the team at EvolutionCBS focus on building each campaign specifically around our client and their business. As a result, they have a track record of successful deals in a myriad of diverse sectors, including data management and recycling services (the sale of Shred-On-Site Ltd to Restore Group Plc), mechanical and electrical services (via the acquisition of Synecore Limited by H.I.G. Capital) and commercial vehicle repair and refurbishment services (C&C Vehicle Services acquired by Steer Automotive Group).

EvolutionCBS prides itself on its ability to help owners to align their objectives, internal operations and financials, well ahead of a sale, with an emphasis on clear documentation, realistic expectations, and transparent communications to ensure the best possible outcomes.

Our Client Directors

Chris Rickman, Client Director

A Board Level Director with more than 15 years’ experience in the Technology and Distribution Sectors, Chris has operated at the highest level in these demanding and fast paced industries delivering transformational business programmes and playing a fundamental role as Chief Operations Officer in the preparation of one of the UK’s most successful technology businesses for its eventual sale in 2015.

Over the last four years Chris has worked on significant M&A projects on behalf of EvolutionCBS, utilising his considerable experience as a senior board director to quickly understand how best to support our clients as they embark on their exit or investment journeys.

Chris Wilde, Associate Client Director

An experienced M&A professional with a track record of UK acquisitions on behalf of a $4 billion service business, Chris has led around 100 acquisitions across SaaS, document management, digital transformation, and IT recycling, deploying over £300 million in capital.

A seasoned dealmaker in tech‑driven segments, Chris delivers value through meticulous deal execution. His experience as both an acquirer and entrepreneur give him an unmatched perspective in evaluating businesses and aligning with buyer expectations. 

Adam Chandler, Associate Client Director

An entrepreneur and experienced Managing Director with a background in M&A and B2B service provision, Adam founded and successfully exited one of the largest independent data destruction businesses in the UK in 2025, advised by the deal team at EvolutionCBS.

In 2006 he headed up the UK M&A division of UTC Fire & Security and led the commercial team in a £50m+ acquisition of a market leading fire suppression systems business.

Craig Compton, Development Consulting Director

An experienced CFO with 20+ years working in high-growth technology companies across the globe, Craig advises on mergers and acquisitions, growth strategies, negotiation, and delivering successful technology-led transformation outcomes for his clients.

Craig specialises in transforming companies to be fit for their next phase of growth, whether it is a company sale, a transformation event, or acquisitive growth, guided by the knowledge that acquirers place a premium on businesses with seamless processes, cohesive leadership, and unified data systems.

John Knight, Associate Client Director

A seasoned entrepreneur and M&A adviser with more than four decades of commercial experience, John has built, grown, and successfully exited six of his own businesses and supported the sale of dozens of SMEs across the UK.

For over ten years, John has specialised in advising business owners on exit planning, acquisitions, and value realisation strategies. During this time, he has supported the sale of around 30 SMEs across the UK, bringing deep practical insight into the transaction process.

He provides clients with pragmatic, experience-led guidance grounded in first-hand knowledge of the transaction process. John is particularly valued for his straightforward approach and ability to support business owners through each stage of a sale

A premium guided approach

EvolutionCBS work alongside business owners as partners — helping them understand options, strengthen positioning, and prepare properly so that when a process begins, it does so from a position of strength.

Our low-volume, premium guided approach allows our Client Directors to invest significant time in each engagement, building campaigns around the individual business rather than applying a standard formula or broad market exposure. Every process is carefully managed, confidentially controlled, and designed to find the right partner — not simply any buyer.

For many owners, the most valuable first step is not launching a sale, but gaining clarity.

If succession, investment, or an eventual exit is somewhere on your horizon, a confidential conversation can help you understand where you are in that journey — and what preparation today could mean for tomorrow’s outcome.

Thinking about selling in the next few years?

Join our exclusive masterclass, **Pole Position: Preparing Your Business for Sale**, and discover what buyers are really looking for, how to maximise value, and the steps you can take now to improve your outcome when the time comes.

Learn more and book your place HERE

At EvolutionCBS, we work closely with owner-managed businesses to help them understand how the market may view their business today, where value can potentially be strengthened, and how future strategic options may evolve over time.

Whether a shareholder is considering a sale in the short term or simply beginning to think more strategically about the future, early preparation can have a significant impact on long-term outcomes.

If you would like a no-obligation consultation on the sale of your business or would like to discuss our Business Valuation Service, click here.

EvolutionCBS works with owners of UK businesses in any sector, finding buyers from around the world through highly targeted research and supporting clients with dedicated Director-led teams, at every stage of their journey to a successful sale or investment, we boast a market leading success rate with 14 year average above 75%.

If you are an owner or shareholder of a business and would like a no-obligation consultation on the sale of all or part of your business, please email: info@evolutioncbs.co.uk or contact us on Tel: 0118 959 8224.

Experience matters

Explore the advisor’s track record and historic deal flow. Across the community of M&A professionals there’s an appreciation that advisors in one sense are only as good as their portfolio of deals. To cut through the noise look at actual ‘deals done’. With a firm’s track record sharply in view, you can immediately assess their level of experience/expertise.

One caveat: a high volume of transactions does not necessarily mean an advisor is right for your business, but examples of significant deals done, across a range of sectors is a good indicator of capability. Where decent-sized companies are sold to credible acquirers this should boost your confidence. Even better if there is evidence of multi-national/cross border deal flow.

One common misconception is that you should only work with advisors that are sector specialists. Far from it, often it helps if an advisor has broad sector expertise, which naturally allows for ‘out of the box’ thinking, thereby offering a better, more market-informed, approach to the sale.

Do they prepare effectively?

 Always ask about how they prepare the business for exit, which is an essential question. The answer will speak volumes to their effectiveness as an advisor. Any firm worth their fee will work hard on your behalf to proactively prepare the business for sale.

Proactive preparation must involve a thorough review of the business, its financial performance, all relevant operational issues, and a deep appreciation for the shareholders objectives in the sale (including valuation). This should be a standard approach in any advisors’ offering.

Additionally, the ‘deal team’ around the table early on will also tell you everything you need to know. Is the firm a one-man band, or do they field a capable team? For example, an experienced negotiator (Client Director) must lead the process overall, and a Financial Analyst should be present, to test the robustness of the financial reporting within your accounts.

M&A Research Analysts are crucial for addressing the companies and markets that should be targeted and highlighting the most appropriate buyers. They will also expand the reach of the sale to different types of buyer, and geographic markets, ultimately creating a competitive environment around the sale.

Proactively manages the sale

The difference between an outcome that exceeds expectations and a sale that falters, can simply be a lack of proactivity. Often, low-performing brokers will simply place the business on a website or send an email campaign (neither action is particularly proactive and unlikely to yield significant results in isolation).

The best advisors proactively create a competitive environment around the sale, by identifying and contacting synergistic acquirers, preferably buyers with a history of acquisitions. It also requires contacting the right decision maker within an organisation which can result in multiple contact points.

This combination of ‘desk research’ and proactive contact with the marketplace should lead to significant interest in the sale and potentially much higher valuations. Indeed, once legitimate offers are tabled, your advisor should move up a gear, to drive valuation and to secure the best possible deal for the shareholders.

Crucially, on entering ‘due diligence’ your advisor should actively manage any/all negotiations and hold lawyers accountable for delivering effective legal proceedings, such as agreeing the terms of the Sale and Purchase Agreement (SPA) in a timely manner.

Any advisor that deviates from the above, is likely to deliver a less than sterling performance (generally speaking). It’s possible you could save on advisor fees by choosing a firm with a lesser team, but ultimately the valuation you achieve will most likely reflect their capability, rather than your true value.

How our approach differs

EvolutionCBS has never operated a high-volume broker model, favouring a proactive low volume premium guided service – by design.

We work with a limited number of clients at any one time, delivering a Low Volume Premium Guided Service that involves deep preparation, Client Director involvement, and sustained oversight throughout the process.

On average, we dedicate 1,500+ hours per client, ensuring:

• > Director-led engagement from start to completion
• > rigorous preparation before any approach to market
• > disciplined buyer selection and controlled engagement
• > consistent management through due diligence and completion

This approach is a key reason the EvolutionCBS team has maintained a long-term success rate above 75% across a diverse range of sectors.

A Final Thought

An M&A adviser should not run a sale process for its own sake. Instead, they should clarify your objectives and give you strategic direction based on their fiduciary duty to lead the sale. Ensure you choose an advisor that commits to a proactive and effective preparation for sale, who deploys a formidable team and exceptional negotiation skills on your behalf.

Ultimately, your choice of advisor will be the most significant contributing factor in achieving a significant valuation and deal structure. Sell-side advisory firms vary greatly in their ethos and practice, however using the above rough guide should help you make the right decision.

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If you would like a no-obligation consultation on the sale of your business or would like to discuss our Business Valuation Service, click here.

As a long-established premium provider of business sale advisory services to UK businesses, EvolutionCBS offers business owners a complimentary and confidential discussion on how their specific objectives could be met and provides them with pragmatic, practical advice on how to begin preparing both themselves and their businesses for future sale or investment.

EvolutionCBS works with owners of UK businesses in any sector, finding buyers from around the world through highly targeted research and supporting clients with dedicated Director-led teams, at every stage of their journey to a successful sale or investment, we boast a market leading success rate with 14 year average above 75%.

If you are an owner or shareholder of a business and would like a no-obligation consultation on the sale of all or part of your business, please email: info@evolutioncbs.co.uk or contact us on Tel: 0118 959 8224.

In reality, the period between Heads of Terms and completion is the most intensive, time-consuming, and risk-exposed phase of any business sale. For transactions in the £5m–£50m EV range, this stage typically lasts three months or more, involving deep due diligence, legal negotiation, and constant coordination between multiple parties.

At EvolutionCBS, we don’t view this phase as a final sprint. We see it as a focused, detailed process that must be actively managed from start to finish — so that when completion approaches, very little is left to chance.

1. Why Due Diligence means risk

Many business owners are surprised to learn that the highest risk period in a transaction comes after commercial terms are agreed, during the due diligence phase.

Once exclusivity begins, buyers have time, access, and leverage. Due diligence intensifies, advisers become deeply involved, and pressure increases on management teams who are still running the business day-to-day.

This is where deals can falter due to:

1. Lack of sustained financial performance of the target company
2. Unmanaged due diligence issues
3. Late-stage legal or commercial friction
4. Buyer confidence erosion
5. Poor coordination between advisers
6. Loss of momentum
7. Deal fatigue on the seller side

Managing this phase properly isn’t about speed — it’s about structure, discipline, and control.

2. Due Diligence Is Not a Single Event — It’s a Process

For most transactions, due diligence alone involves responding to 650+ buyer questions across financial, commercial, operational, legal, and tax workstreams.

At EvolutionCBS, we treat due diligence as a managed process, not an administrative burden.

This includes:

1. Centralised tracking of all due diligence questions
2. Prioritisation of risk-critical areas
3. Consistent narrative control across advisers
4. Early identification and resolution of issues
5. Clear deadlines and accountability

Handled correctly, due diligence builds buyer confidence and strengthens completion certainty. Handled poorly, it erodes trust and value.

3. Active Project Management — Daily

Throughout this phase, a dedicated Client Director remains at the centre of the transaction.

Their role is not passive oversight — it is active, daily project management, coordinating:

1. Buyers and investment teams
2. Lawyers on both sides
3. Accountants and tax advisers
4. Management and shareholders

This coordination ensures that no workstream drifts, no issue escalates unnoticed, and momentum is maintained over what is often a demanding and extended period.

4. Managing Buyer Behaviour and Negotiating Discipline

As due diligence progresses, buyer psychology becomes increasingly important.

Questions may evolve. Assumptions may be tested. Commercial sensitivities can emerge. Without experienced guidance, sellers can feel exposed at exactly the wrong moment.

Our role is to:

1. Maintain negotiating discipline
2. Control timing and disclosure
3. Prevent unnecessary re-negotiation
4. Keep focus firmly on completion

This is particularly important in private equity transactions, which now account for 66% of EvolutionCBS deals, and where due diligence is rigorous by design.

5. Why Completion Should Feel Predictable

By the time a transaction reaches its final stages, very little should be able to go wrong — if the process has been managed correctly from the outset.

That is the EvolutionCBS philosophy.

Completion is not something we “push” at the end. It is the natural outcome of:

1. Proper preparation
2. Relentless process control
3. Clear communication
4. Experienced judgment

This approach is a key reason we maintain a success rate approaching 80% across all transactions we take to market.

Experience That Shows Where Risk Really Lies

Since 2011, the EvolutionCBS team has been responsible for 360+ transactions worth over £2bn, guiding business owners through the most complex and demanding stages of the sale process.

Our Low Volume Premium Guided Service, dedicating around 1,500+ hours per client, ensures that risk is managed where it actually exists — over time, under pressure, and across multiple stakeholders.

For business owners considering a sale, the message is clear:

Getting a deal agreed is important.
Controlling the process to completion is what truly delivers value.

If you would like a no-obligation consultation on the sale of your business or would like to discuss our Business Valuation Service, click here.

As a long-established premium provider of business sale advisory services to UK businesses, EvolutionCBS offers business owners a complimentary and confidential discussion on how their specific objectives could be met and provides them with pragmatic, practical advice on how to begin preparing both themselves and their businesses for future sale or investment.

EvolutionCBS works with owners of UK businesses in any sector, finding buyers from around the world through highly targeted research and supporting clients with dedicated Director-led teams, at every stage of their journey to a successful sale or investment, we boast a market leading success rate with 14-year average above 75%.

If you are an owner or shareholder of a business and would like a no-obligation consultation on the sale of all or part of your business, please email: info@evolutioncbs.co.uk or contact us on Tel: 0118 959 8224.

After more than 35 years working at the cutting edge of business, Mike Whittle, Managing Director of EvolutionCBS, has seen every side of the dealmaking table: the excitement of a successful exit, the intensity of due diligence, and the leadership required to guide both clients and teams through the process.

As he reflects on many years in M&A, since the founding EvolutionCBS 15 years ago, Mike shares the lessons, values, and philosophy that continue to shape EvolutionCBS today.

1. The Power of Perspective

When asked what’s changed most over the years, Mike doesn’t hesitate.

“The market has evolved — buyers are smarter, information moves faster, and data is everywhere. But the fundamentals haven’t changed. Deals are still about people, trust, and alignment. That’s what closes transactions.”
— Mike Whittle, Managing Director, EvolutionCBS

In other words: while technology and data have transformed the process, human connection and strategic insight remain at the heart of every successful deal.

This balance between rigour and empathy is what continues to define EvolutionCBS’s approach.

2. Building a Firm on Purpose

Since its founding, EvolutionCBS has grown into one of the UK’s leading independent M&A advisory firms, responsible for completing 360+ transactions worth over £2bn. But for Mike, growth was never about scale — it was always about standards.

“We built EvolutionCBS around the idea of doing fewer deals, better. Every client deserves senior attention, strategy, and care. That’s why we’ve always kept the business selective — it’s how we protect quality.”

This principle became the foundation of what the firm calls its Low volume, Premium Guided Service — a highly personal, research-led model where each client receives a minimum of 1,500 hours of dedicated time from the team.

It’s this focus that has driven the firm’s success rate approaching 80%, and its reputation for precision, integrity, and exceptional results, driven by our uncompromising standards

3. Lessons in Leadership

After over 25 years of leading teams and advising entrepreneurs, Mike’s leadership philosophy is simple: clarity, accountability, and consistency.

“Whether you’re leading a business or selling one, people follow vision and clarity. You need to know what you stand for, communicate it clearly, and deliver on it consistently. That’s true leadership — in a team or a transaction.”

He believes the best M&A leaders are those who blend analytical skill with emotional intelligence — who can interpret data but also read people, anticipate reactions, and navigate uncertainty with confidence.

4. What Experience Teaches You

In his time at the helm of EvolutionCBS, Mike’s seen market booms, recessions, and the rise of private equity as a dominant force in mid-market M&A.

“If there’s one thing I’ve learned, it’s that preparation beats prediction. You can’t control the market, but you can control how well you’re prepared for it. The best deals are always built long before they’re marketed.”

That’s why EvolutionCBS invests so heavily in research, buyer mapping, and deal readiness — leveraging tools to access data on 50 million+ companies worldwide, supported by a global network of 2,800+ trade, private equity, and family office buyers.

5. The Future of M&A

Looking ahead, Mike sees a continued shift toward strategic alignment over speed, value creation over valuation, and collaboration over competition.

“The best deals happen when everyone wins — the seller, the buyer, and the people behind the business. That’s what good M&A looks like in 2025 and beyond.”

It’s this balance — between results and relationships, data and dialogue — that continues to define EvolutionCBS after 15 years of deals, decisions, and lessons learned.

fraser.hodgkiss@evolutioncbs.co.uk
Get In Touch
www.evolutioncbs.co.uk
07957 834506
0118 959 8224

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If you would like a no-obligation consultation on the sale of your business or would like to discuss our Business Valuation Service, click here.

As a long-established premium provider of business sale advisory services to UK businesses, EvolutionCBS offers business owners a complimentary and confidential discussion on how their specific objectives could be met and provides them with pragmatic, practical advice on how to begin preparing both themselves and their businesses for future sale or investment.

EvolutionCBS works with owners of UK businesses in any sector, finding buyers from around the world through highly targeted research and supporting clients with dedicated Director-led teams, at every stage of their journey to a successful sale or investment, we boast a market leading success rate with 14 year average above 75%.

If you are an owner or shareholder of a business and would like a no-obligation consultation on the sale of all or part of your business, please email: info@evolutioncbs.co.uk or contact us on Tel: 0118 959 8224.

This Budget will likely rebalance the landscape for entrepreneurs considering exit or succession via EOTs, which prior to the announcements benefitted from a 100% relief from Capital Gains Tax. Some advisors suggest this shift in stance on EOT taxation by the Exchequer will likely push some shareholders away from this mechanism back towards more traditional buyer structures.

Headline Measures Impacting Business Owners

1. Reduced CGT Relief on Sales to Employee Ownership Trusts (EOTs)

The most significant change for potential vendors is the cut to Capital Gains Tax (CGT) relief on sales to an Employee Ownership Trust (EOT) — down from 100% to 50%.

Previously, EOT sales offered complete CGT exemption, making them an attractive, tax-efficient exit route for owner’s keen to reward employees and maintain continuity. The new 50% relief dramatically reduces that advantage.

In practical terms, a business owner who would previously have paid no CGT on an EOT sale will now face a 50% charge on their qualifying gain — a shift that makes this route materially less appealing from a tax perspective.

Implications for Exit Strategy

For many, this change will re-open the discussion around traditional share sales to trade or financial buyers, where proceeds may instead attract Business Asset Disposal Relief (BADR) at an effective 14% CGT rate (subject to qualification).

This could mark a notable swing back towards the private M&A market. While EOTs will remain relevant for cultural or legacy-driven exits, tax efficiency is no longer the primary motivation. Vendors seeking maximum after-tax value are now more likely to explore direct sales to acquirers.

The upside? Buyer appetite remains strong. As discussed in our pre-Budget commentary, financial investors and trade buyers continue to target high-quality, well-prepared UK businesses. The combination of sustained demand and the relative unattractiveness of the EOT route could increase deal flow in the coming months — particularly for well-run mid-market firms.

2. Dividend Tax Increase

A 2-percentage-point rise in Dividend Tax means business owners will now pay an extra 2p on every £1 of dividend income. This move narrows the gap between taking profits as dividends versus salary, and will influence how owners extract value before, and during a sale.

3. Business Rates Relief for Key Sectors

Owners of properties in retail, hospitality, and leisure sectors will benefit from the lowest level of business rates since 1991 — a welcome boost for those operating in consumer-facing industries still navigating tight margins and inflationary pressures. This will likely attract investment interest in the sector, particularly from financial/specialist investors.

Key Takeaway

The Autumn Budget reinforces the importance of forward planning for business owners and the need for professional advice, particularly when it comes to Exit Planning and specialist Tax advice. Every exit route now requires sharper evaluation and expert advice — not only of valuation and timing, but also of tax efficiency, structure, and buyer alignment.

As Mike Whittle, Managing Director of EvolutionCBS, notes:

“Legislation can shift overnight, but fundamentals never change. Prepared, well-advised business owners still achieve the strongest outcomes — whatever the Budget says. Crucially, to achieve the best possible deal structure/valuation, sellers will need expert advice on valuation and a proactive, thorough approach to the sale.”

Next Steps for Business Owners

1. Review your exit timeline and options. Prioritise a proactive sale process and if an EOT was previously under consideration, revisit your assumptions.
2. Model comparative outcomes. Seek professional advice on your options, including a review of possible share-sale structures.
3. Get clarity on valuation and buyer appetite. With market demand still strong, the right preparation and a professional valuation can deliver a premium outcome.

At EvolutionCBS, our Low Volume Premium Guided Service helps business owners plan strategically for sale — aligning structure, timing, and valuation to maximise results.

To discuss your exit options following the Autumn Budget 2025, contact us at www.evolutioncbs.co.uk/contact or connect directly with one of our team.

fraser.hodgkiss@evolutioncbs.co.uk
Get In Touch
www.evolutioncbs.co.uk
07957 834506
0118 959 8224

*******************************************

If you would like a no-obligation consultation on the sale of your business or would like to discuss our Business Valuation Service, click here.

As a long-established premium provider of business sale advisory services to UK businesses, EvolutionCBS offers business owners a complimentary and confidential discussion on how their specific objectives could be met and provides them with pragmatic, practical advice on how to begin preparing both themselves and their businesses for future sale or investment.

EvolutionCBS works with owners of UK businesses in any sector, finding buyers from around the world through highly targeted research and supporting clients with dedicated Director-led teams, at every stage of their journey to a successful sale or investment, we boast a market leading success rate with 14 year average above 75%.

If you are an owner or shareholder of a business and would like a no-obligation consultation on the sale of all or part of your business, please email: info@evolutioncbs.co.uk or contact us on Tel: 0118 959 8224.

Particularly, as any legislative changes could directly affect those planning to sell or transfer ownership of their business in the next few years. Thoughtful preparation can ensure that, whatever the Chancellor announces, you remain positioned to protect and maximise your company’s value.

But now the first set of Budget proposals sent to the UK fiscal watchdog – including an income tax increase – have been kicked to the curb, effectively sending Reeves back to the drawing board.

The Landscape Ahead of the Budget

The Government faces a c. £30bn black hole in public finances and with public spending pressures mounting, new revenue sources are expected to feature prominently in this Budget. At has been widely reported that the Chancellor was poised to hike income tax by 2p whilst cutting national insurance by the same amount in a move that would break Labour’s pledge to not raise taxes on ‘working people.’ As this seems to have now been abandoned, Analyst speculation seems to have turned to:

• Revisions to Inheritance Tax rules and pension reliefs
• Freezes to income, VAT, or NI thresholds, leading to “fiscal drag” for business owners
• Rumoured changes to council tax, a possible mansion tax, or levy on high-value assets
• Potential incentives for investment and growth, offset by tighter wealth-related taxation

While these changes could impact exit planning and net sale proceeds, demand for quality UK businesses remains strong, particularly in the £5m–£50m EV range where private equity, family offices and international acquirers continue to seek resilient, scalable companies.

Three Steps to Take:

1. Establish a Clear, Market-Based Valuation

Understanding what your business is worth in today’s market is crucial. A professional valuation provides a benchmark, clarifies potential deal ranges, and highlights opportunities to improve value drivers before you sell.

EvolutionCBS’s bespoke Valuation Service delivers this clarity, using real-world data and market comparables. Our deal team will prepare a full Valuation Report providing an in-depth analysis of your business’s value, factors affecting its value, and potential areas for improvement, creating a detailed basis for negotiation and decision-making.

2. Strengthen Your Exit Readiness

Legislation may change overnight — but business fundamentals take time to optimise. Focus now on areas that directly affect buyer confidence:

• Sustainable earnings and margins
• Contract quality and client diversification
• Second-Tier Management depth and governance
• Accurate and transparent financial reporting

Prepared businesses don’t just sell faster — they command higher multiples and better exit terms.

3. Prepare for the unexpected.

You can’t predict Budget outcomes or the future impact of legislative change, but you can plan for them. This could include seeking professional tax advice to plan for Capital Gains Tax liabilities or exit-planning to ensure the timing of the sale is proactively managed.

A clear exit strategy — aligned to both personal and corporate goals — gives you flexibility to act decisively in the face of any political, economic, social or technological changes.

Giving sufficient time and energy to choosing the best advisor to help you prepare for your sale is also a very worthwhile exercise. There are many one-man bands, accountants and other companies that purport to be proactive business sale advisors, however many have a limited or poor track record of deal completions.

Timing Your Sale: What 6 Months to 3 Years Really Means

Every business sale takes time — typically six months to three years from initial preparation to completion. Starting early allows you to optimise value drivers, plan for tax efficiency, and choose your moment carefully. Even if you’re years from exit, commissioning a valuation report and readiness review today helps you act with confidence when the timing and market align.

Preparation Equals Power

As Mike Whittle, Managing Director of EvolutionCBS, often reminds clients:

“You can’t time the market, but you can control your readiness. When legislation shifts, the prepared business owner always wins. An M&A advisor will do the crucial work of helping you prepare for the sale process, including creating a compelling Information Memorandum, producing an accurate financial analysis of the business (with relevant forecasts) and deciding upon which potential acquirers should be targeted.”

At EvolutionCBS, our Premium Guided Service ensures every client understands their company’s current value, areas for enhancement, and the timing options available. That clarity makes all the difference — especially when fiscal policy changes are imminent.

In Summary

• Be proactive, not reactive. Start planning/reviewing your exit strategy today.
• Get an accurate company valuation — it’s the foundation for every informed decision.
• Optimise your business before the market reacts to policy changes.

Whatever the Rt. Hon. Rachel Reeves announces, the best-prepared businesses will continue to achieve strong results and premium sale valuations.

Let’s Start the Conversation

If you’re considering an exit in the next 6 to 36 months, or simply want to understand how the Autumn Budget might affect your plans, our experts can help.

Typically advisers have earned their client’s trust; you understand their goals, and you’re often the first to recognise that a sale, or ownership transition may be on the horizon. That’s why professional advisers play such a crucial role in the mergers and acquisitions (M&A) process.

At EvolutionCBS, we work closely with advisers across the UK to help their clients achieve outstanding outcomes. Here’s why those partnerships work — and why so many of the UK’s most respected firms choose to collaborate with us.

1. Shared Commitment to Client Outcomes

Our clients’ advisers trust us because we share the same goal: protecting value and delivering results.

Whether it’s structuring a deal, preparing a business for sale, or managing complex due diligence, we provide guidance work, in partnership with professional advisers, to ensure their clients’ interests come first.

“Our role isn’t to replace the adviser — it’s to enhance the service they already provide. When we work together, the client’s best interests are served and everyone wins.”
— Mike Whittle, Managing Director, EvolutionCBS

This shared focus on integrity, transparency, and precision is why we’ve built long-standing relationships with leading firms in law, accountancy, tax advice, wealth management, and private banking.

2. Expertise That Builds Confidence

Since 2011, our team have been responsible for completing 360+ transactions worth over £2bn and maintaining a success rate approaching 80%.

For professional advisers, that track record offers reassurance. When you refer a client to us, you know they’ll receive the highest standard of service — and that their experience will reflect positively on your own firm.

Our Low volume, Premium Guided Service ensures that each client receives over 1,500 hours of dedicated support from our senior deal team, from initial valuation through to completion – our team are passionate about what we do and uncompromising in the standards we uphold in delivering for our clients.

We handle every stage of the process — from buyer research to negotiation — so advisers can remain focused on their clients’ wider financial or legal priorities.

3. Access to a Global Network of Buyers and Investors

Our research and marketing offering is one of the most powerful in the UK mid-market, particularly with its international reach and dedicated specialist deal team.

We maintain relationships with more than 2,800 active buyers — including private equity funds, trade acquirers, and family offices — and have access to global databases which profile 50 million+ companies worldwide.

This gives advisers confidence that their clients’ businesses are being positioned in front of the right audience, creating genuine buyer competition and maximising value.

4. Protecting Adviser Relationships

We know that a client referral is a matter of trust. That’s why we always work in partnership — never in competition, when you refer a long-standing customer to our team.

Every EvolutionCBS referral agreement is built around transparency and respect for the adviser–client relationship. We keep advisers informed at every stage of the process, and we always act in a way that reinforces their role as the client’s primary adviser, including you in the project as/when required.

“When an accountant, lawyer, or banker introduces a client to us, they remain at the centre of that relationship. We’re there to add depth — not disrupt it. We take our fiduciary duty seriously and this includes ensuring your role as a trusted adviser is leveraged to maximise the outcome of the sale.”
— Mike Whittle, Managing Director, EvolutionCBS

5. A Reputation Built on Results

Our success is measured not just by transactions completed, but by the quality of the relationships we build. Many of our best introductions come from advisers who’ve seen first-hand the impact of our work.

With over £2bn in completed deals, a success rate approaching 80%, and a global acquirer reach, EvolutionCBS continues to be the trusted M&A partner for advisers whose clients expect the very best.

If you have a client considering succession, sale, or investment, we’d be delighted to discuss how we can work together to help them achieve their goals.

fraser.hodgkiss@evolutioncbs.co.uk
Get In Touch
www.evolutioncbs.co.uk
07957 834506
0118 959 8224

*******************************************

If you would like a no-obligation consultation on the sale of your business or would like to discuss our Business Valuation Service, click here.

As a long-established premium provider of business sale advisory services to UK businesses, EvolutionCBS offers business owners a complimentary and confidential discussion on how their specific objectives could be met and provides them with pragmatic, practical advice on how to begin preparing both themselves and their businesses for future sale or investment.

EvolutionCBS works with owners of UK businesses in any sector, finding buyers from around the world through highly targeted research and supporting clients with dedicated Director-led teams, at every stage of their journey to a successful sale or investment, we boast a market leading success rate with 14 year average above 75%.

If you are an owner or shareholder of a business and would like a no-obligation consultation on the sale of all or part of your business, please email: info@evolutioncbs.co.uk or contact us on Tel: 0118 959 8224.