Lumin Wealth Management buys Everett Macleod: Case Study

The background

Mike Macleod heard Louise Jeffreys speak at a CISI Accredited Firms conference in 2016 at which point he was thinking about the future of his business, and the best way to shape it with a future retirement in mind. 

After and initial meeting at his office, and then staying in regular contact for a few years Mike finally made the decision to sell in 2019. Gunner & Co. arranged for Mike to meet with a select group of potentially suitable acquirers and within a month he had found a very compatible fit with Lumin Wealth Management based on St. Albans.

The objective

With a small office in central London, Everett Macleod was a single-adviser firm with mounting operational costs and requirements.  Mike made the decision that the time was right to look for a firm which would take over the operational requirements of running a business, along with allowing him to work on in an employed capacity with his client base for around two years (or maybe much longer) after the point of sale. It was also critically important that there was a good cultural fit between both businesses.

Mike was seeking a firm that had a compelling investment strategy to ensure his clients would receive a comparable or better service.

Gunner & Co.’s plan

After understanding the specific needs Mike had, for himself, his business and his clients, Gunner & Co. identified five businesses which could meet the requirements of the vendor. Through a detailed shortlisting process between Everett Macleod and Gunner & Co., Mike identified two buyers which had a particularly good fit.

Meetings were arranged with both, however after further research Lumin Wealth Management stood out. Both parties agreed to work towards completion in only three months, a timeline that would be considered shorter than usual. Gunner & Co. were able to guide both parties throughout the process to assist in achieving these timescales.

The deal

Not only were Lumin Wealth Management able to offer compelling terms for Everett Macleod’s business, but the ongoing employment package was able to match the monetary and flexibility requirements of Mike Macleod. Maintaining the office premises was also a desirable aspect of the deal for both parties as this gave Lumin an additional location from which to meet clients and Mike continues to work with his same clients in the same location meaning minimal change took place from a client’s perspective. Whilst working to the timeframe of three months was a challenge, the clear parallels between both firms and the desire to conclude this process meant that the deal completed successfully.

“Having stayed in touch with Gunner & Co. over the years preceding my business sale, they were able to act quickly when the time came to approach the market.  Louise identified excellent buyers – companies I had never heard of, with a proven track record of completing transactions. Louise and her team guided me throughout the journey, to ensure I knew what to expect at each step of the journey. “