The M&A Zing

Welcome to Episode 6 of M&A Zing - a weekly show for acquisition entrepreneurs, search funds, and holdco builders across the UK and Europe. In this episode, Alfie Lambert and Gareth Hawkins dive into the *Do’s & Don’ts of Due Diligence* for small and mid-sized M&A deals. They also highlight news from Italy’s newest search fund close, a Canadian incubator for acquisition entrepreneurs, and a recent Spanish exit.

*Timestamps:*
[00:01:02] *This Week’s News*  
- Latest surge in Italian search funds, featuring Nostos Capital  
- A Calgary-based program (Rumi) bringing on 10 new acquisition entrepreneurs  
- A Spanish search-funder’s 8-year journey leads to a successful exit

[00:03:35] *Main Topic: Due Diligence Do’s & Don’ts*  
- Gareth’s background (8+ buy-side, 1 sell-side)  
- Why diligence intimidates first-time buyers

[00:05:00] *Types of Diligence*  
Financial, Legal, HR/Org Chart, IP, Commercial/Market checks

[00:06:45] *Red Flags & When to Walk Away*  
- Evading key documents  
- “Hospital pass” liabilities revealed mid-diligence  
- Customer/supplier concentration

[00:09:00] *Deal Fatigue & Time Management*
- Setting milestones  
- Materiality thresholds  
- Frequent check-ins

[00:10:30] *Data Rooms 101*  
- Proper organisation & structure  
- Avoiding repeated requests  
- Potential for AI-powered summarizing

[00:12:00] *Commercial Diligence*  
- Competitor analysis, NPS checks, verifying market share

[00:13:30] *Post-Diligence Steps*  
- Renegotiating price or structure  
- Using earn-outs if risk is uncovered

[00:14:50] *Wrap-Up & Acquisition Incubator*  
Alfie and Gareth mention the BizCrunch “Acquisition Incubator,” invite listeners to apply, and sign off with “Keep on Crunching!”

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*Episode Highlights*  
- *Assembling Your Deal Team*: Strategic accountant, lawyer, sometimes sector specialist  
- *Avoiding Common Pitfalls*: Transparency vs. red-flag evasiveness  
- *Time Kills Deals*: Why well-defined timelines & materiality thresholds are essential  
- *Earn-Outs & Restructuring*: Handling discovered risks with flexible deal terms
- *BizCrunch Acquisition Incubator*: Join us for the first BizCrunch incubator program

*Have questions or feedback?* Drop them in the comments, or join our BizCrunch Community for private AMAs and early access to new resources—like *The Diligence Checklist: Essential Docs for SMB M&A*.


### About M&A Zing
Hosted by:  
- *Alfie Lambert* – Co-Founder of BizCrunch (multi-time startup founder, outreach expert)  
- *Gareth Hawkins* – Co-Founder & CEO of BizCrunch (serial acquirer, M&A investor)

Each week, we tackle the real-world challenges of SMB M&A—especially in the UK & EU markets.

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### Join the BizCrunch Community
If you want to attend our livestream recordings (and private Q&A), sign up here: https://www.bizcrunch.co/community

### Attend the BizCrunch Acquisition Incubator Program
Apply to be one of the 6 individuals chosen to join our 8-week intensive journey to acquiring your first business. Apply here: 
https://www.bizcrunch.co/programmes/acquisition-incubator

*Community Perks*  
- Early access to new episodes  
- Live Q&A with hosts & guests  
- Networking with fellow acquirers & investors  

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### Thanks for Watching!
If you enjoy this episode, please *like*, *subscribe*, and turn on notifications. Got a due diligence horror story or tip to share? Comment below or join our community for a private AMA.

*#mergersandacquisitions  #SearchFunds #SMBsuccession #BizCrunch #Dealmakers*

Welcome to Episode 5 of M&A Zing - a weekly show for acquisition entrepreneurs, search funds, and holdco builders across the UK and Europe. In this episode, Alfie Lambert and Gareth Hawkins break down the *Top 10 reasons* why small & mid-market M&A deals fail. Plus, they kick off with big news about recent SBA policy changes in the US - and how it might actually boost UK and EU dealmaking.

*Timestamps:*
[00:00:11] Introduction & Welcome
[00:00:35] This Week’s News: New SBA Foreign Ownership Ban
[00:05:16] Top 10 SME M&A Deal Killers
   1. Valuation Disagreements [00:06:00]
   2. Overly Complex Deal Structures [00:10:00]
   3. Lack of Adequate Finance/Funding [00:13:00]
   4. Revaluation from Quality of Earnings [00:16:45]
   5. “Re-Trading” Tactics [00:20:00]
   6. Protracted Legal Processes [00:25:00]
   7. Regulatory & Legal Hurdles [00:28:30]
   8. Shifts in Market/Economic Conditions [00:31:00]
   9. Inadequate Advisory & Legal Support [00:35:00]
   10. Cultural & Management Mismatches [00:36:30]
[00:39:45] Teaser for Next Episode: Interview with an Emerging UK Searcher
[00:40:46] Wrap-Up & Sign-Off – “Keep on Crunching!”

*Episode Highlights*
- *Valuation Disagreements*: Emotional vs. financial views on pricing  
- *Complex Structures & Funding Gaps*: How buyers juggle leverage, deferred payments, & SBA-like loans  
- *Surprises in Due Diligence*: Re-trading & quality-of-earnings adjustments  
- *Culture Clash*: Why the ‘human side’ of M&A can be a deal-breaker  

*Have questions or feedback?* Drop them in the comments, or join our BizCrunch Community for private AMAs and early access to eBooks like *Cultural Cohesion: Strategies for Integrating Teams Post-Acquisition*.

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### About M&A Zing
Hosted by:  
- *Alfie Lambert* – Co-Founder of BizCrunch (multiple-time startup founder, resident outreach expert)  
- *Gareth Hawkins* – Co-Founder & CEO of BizCrunch (serial acquirer, M&A investor)

Each week, we dive into the real-world challenges of SMB M&A—especially in the UK & EU markets.

---

### Join the BizCrunch Community
If you’d like to attend our livestream recordings (and private Q&A), sign up here: https://www.bizcrunch.co/community

*Community Perks*  
- Early access to new episodes  
- Live Q&A with hosts & guests  
- Networking with other acquirers & investors  

---

### Thanks for Watching!
If you enjoy this episode, please *like*, *subscribe*, and turn on notifications. Got questions or feedback? Drop them in the comments—or join our community for the private AMA.

*#MergersAndAcquisitions #SearchFunds #Entrepreneurship #BizCrunch #Dealmakers*

Welcome to Episode 4 of M&A Zing—a weekly show for acquisition entrepreneurs, search funds, and holdco builders in the UK and Europe. This time, co-founders Alfie Lambert and Gareth Hawkins discuss how to handle that all-important *first qualifying call* with a potential seller—from building trust to spotting red flags.

Timestamps:
[00:00:11] Introduction – New Host This Week 
[00:01:01] Recent M&A News Across Europe (Italy, Germany, Sweden) 
[00:06:00] Why the “Qualifying Call” Matters 
[00:07:06] How to Prepare (and Avoid Awkwardness) 
[00:10:00] Key Questions to Ask Without Overstepping 
[00:12:32] Different Seller Psychologies: Experienced, Prepared, Accidental, Daunted, Distressed 
[00:16:45] Balancing Tough Questions & Rapport-Building 
[00:20:00] Knowing When to Shift to an NDA 
[00:25:00] Red Flags, Green Flags, & Personal War Stories 
[00:36:00] Tip for First-Time Acquirers – Don’t Play All Your Cards at Once 
[00:42:00] Event Reminder – Serial Acquirer Symposium (18 June) 
[00:44:00] Wrap-Up & AMA for Live Viewers 

Episode Highlights

Featured News 

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About M&A Zing
Hosted by:  

Alfie Lambert – Co-Founder of BizCrunch (multiple-time startup founder, resident outreach expert)  

Gareth Hawkins – Co-Founder & CEO of BizCrunch (serial acquirer & M&A investor)

Each week, we dive into the real-world challenges of SMB M&A—especially in the UK & EU markets.

---

Join the BizCrunch Community
Want to participate in our weekly livestream (and private AMA)? Sign up here: https://www.bizcrunch.co/community

Community Perks

---

Thanks for Watching!
If you enjoyed this episode, please *like*, *subscribe*, and turn on notifications. Have questions or feedback? Drop them in the comments—or join our BizCrunch Community for the private AMA.

#MergersAndAcquisitions #SearchFunds #Entrepreneurship #BizCrunch #Dealmakers

Welcome to Episode 3 of M&A Zing—a weekly show for acquisition entrepreneurs, search funds, and holdco builders in the UK and Europe. In this episode, we’re talking buy-and-build strategies, distressed acquisitions, and the ups and downs of leveraged deals with special guest Charlie Norton, founder of Vamos Business Transfer.

*Episode Timestamps**
[00:00] Introduction & Welcome  
[00:44] Meet Charlie Norton (Vamos Business Transfer)  
[03:14] Charlie’s Early Acquisition at Age 18 & Jumping into Business Over University  
[07:06] A Fully Leveraged Buyout at 22—Successes & Lessons Learned  
[13:22] Buying the Same Company Twice (…and Selling It in Between)  
[16:35] Ambitious Buy-and-Build: Acquiring 6 HGV Training Schools  
[18:50] The Worst Acquisition: A £1 Deal Gone Wrong  
[27:40] The Unexpected Group Exit—Turning a Bad Deal into a Good Outcome  
[30:25] Transition to M&A Advisory: Why Charlie Founded Vamos Business Transfer  
[34:18] Trends in M&A: Deferred Payments, “No-Money-Down” Deals, and Sector Focus  
[36:08] The Future of Vamos & Charlie’s Parting Advice  
[37:12] This Week’s M&A News  
• Astra Holding Group’s 2nd Acquisition  
• Vericor Capital’s Fundraise Close  
• LBS & IESE’s 6th Annual Student-Led ETA Conference (28 March)  


*Guest Bio: Charlie Norton*
Charlie Norton is the founder of Vamos Business Transfer, a sell-side M&A advisory firm based in Essex. With over 14 years of buying, selling, and building companies—from transport training to multiple buy-and-build strategies—Charlie has experienced both the highs of fast growth and the lows of distressed deals. Now, he’s using that experience to help business owners value and sell their companies in a more honest, hands-on way.

---

### About M&A Zing
Hosted by:
- *Gareth Hawkins* – CEO & Co-Founder of BizCrunch (exited founder, M&A investor)  

Each week, we dive into the real-world challenges of SMB M&A—especially in the UK and Europe.

---

### Join the BizCrunch Community
If you’d like to attend these livestream recordings (and access our exclusive post-show Q&A), sign up here: [Your Community Link]

As a member, you’ll get:
- Early access to each episode  
- Live Q&A with hosts & guests  
- Networking with other acquisition entrepreneurs, investors, and operators  

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### Featured News
- *Astra Holding Group* acquires Acorn MPS, marking its second deal after Interdoor UK.  
- *Alison Stuckless* closes the fundraise for *Vericor Capital* and kicks off her search.  
- The *6th Annual LBS & IESE Student-Led ETA Conference* is coming up on 28 March at Nuffield Hall in London. Tickets just went live!

---

### Thanks for Watching!
If you enjoyed this episode, please *like*, *subscribe*, and turn on notifications. Got questions? Drop them in the comments—or better yet, join our community for the private AMA.

*#MergersAndAcquisitions #SearchFunds #Entrepreneurship #BizCrunch #Dealmakers*

Hosted by:

Gareth Hawkins – CEO & Co-Founder at BizCrunch (exited founder, M&A investor)  
Alfie Lambert – Co-Founder & Head of Growth at BizCrunch (& resident outreach expert)

In This Episode:
• [00:18] Intro: Meet our hosts, Gareth Hawkins & Alfie Lambert (co-founder and Head of Growth at BizCrunch)
• [02:03] UK & EU M&A News: Dean Curran's second PCB acquisition and Germany’s “Lineage” fund of funds
• [08:29] Why Europe’s Search Fund Scene Is Growing Fast—and how it still compares to the US
• [13:24] The Role of Business Schools and Influencers in Spreading ETA Awareness
• [18:07] Access to Capital: How the SBA (in the US) vs. British Business Bank (in the UK) shapes M&A
• [27:16] Europe’s Data Advantage: Digital registries and better off-market search
• [30:28] Wrap-Up & Next Week’s Preview: A conversation with a boutique business broker (and how brokers can help or hinder deals)
• [31:31] Serial Acquirer Symposium,18th June 2025

The M&A Zing is a Podcast series devoted to Acquisition Entrepreneurs, Search-Funds and HoldCo Builders in the UK and EU.

Each week we dive-in to topics and challenges that impact SMB Succession M&A, and explore the highs and lows of Searching, Acquiring, Owning, Operating and Exiting small and medium-sized businesses.

Hosted by:

Gareth Hawkins – CEO & Co-Founder at BizCrunch (exited founder, M&A investor)  
Adam Kempner – Managing Director at Coefficient

In This Episode:

• [00:00] – Intro to M&A Zing & Hosts  
• [01:50] – Major M&A Headlines (Clawback’s Big Acquisition)  
• [04:42] – Building a Diversified Portfolio vs. Single-Sector Focus  
• [07:38] – New UK Search Funds Closing Their Rounds  
• [10:45] – The State of Financing in SMB M&A  
• [15:12] – Debt vs. Equity: Key Considerations for Searchers  
• [34:39] – Wrap-Up & Next Week’s Preview

The M&A Zing is a Podcast series devoted to Acquisition Entrepreneurs, Search-Funds and HoldCo Builders in the UK and EU.

Each week we dive-in to topics and challenges that impact SMB Succession M&A, and explore the highs and lows of Searching, Acquiring, Owning, Operating and Exiting small and medium-sized businesses.

We bring you interviews, news, and practical tips on all things SMB M&A—particularly in the UK and EU markets.

This week we explore the state of financing for micro-cap M&A—covering cash-flow lending, asset-based lending, and how to secure equity.