The Discipline to Buy Without Emotion
When it comes to buying a business, most people think the hard part is the maths. Run the accounts, calculate EBITDA, apply a multiple, and you’ll know the value. But ask anyone who’s done it for real, and they’ll tell you: the hardest part isn’t the numbers. It’s your brain. Emotion is the silent killer […]
When Legislation and Headlines Rewrite Your Valuation
Business valuation isn’t static. You can run all the numbers, calculate EBITDA, apply a sensible multiple, and balance the assets against the liabilities—and still miss the mark completely. Why? Because value is shaped not only by internal accounts, but by external forces: regulation, politics, and even world events. All it takes is one new law, […]
Ad-Backs: The Most Expensive Two Words in a Deal
If you’ve ever looked at a business valuation prepared by a broker or a seller, you’ve probably seen a section labelled “ad-backs.” On paper, they look harmless: adjustments that supposedly make the business more profitable than the accounts suggest. In reality, ad-backs are where deals get distorted, prices get inflated, and buyers get stung. They […]
Recurring Revenue Changes Everything
When you value a business, not all turnover is created equal. You could look at two companies with the same annual revenue and discover one is worth double—or more—than the other. The difference? One has reliable recurring revenue, the other relies on one-off sales. For buyers, this distinction can make or break a deal. Let’s […]
Picking the Right Multiple Without Guesswork
When you value a business, one of the most powerful (and misunderstood) numbers you’ll use is the multiple. Buyers love to talk about “5× EBITDA” or “1× recurring revenue,” but very few stop to ask where that multiple comes from—or whether it’s actually justified. Get it wrong and you overpay, locking yourself into years of […]
Valuation 101: Enterprise Value Plus Balance Sheet Reality
When you’re looking to buy a business, the big question is always the same: what is it worth? Ask ten people and you’ll get ten answers. A seller will tell you what they need. A broker will tell you what sounds good. Friends and colleagues will throw out numbers they’ve seen in the press. None […]
Don’t Let Brokers or Sellers Set Your Valuation
When you’re looking to buy a business, one of the first and most pressing questions you’ll ask is: what’s it worth? It sounds simple, but the answer is often distorted before you’ve even opened a set of accounts. Why? Because two voices dominate early-stage conversations—the broker and the seller. Both will happily give you a […]
How to Value a Business Before You Buy
Buying a business can be one of the smartest moves you ever make as an entrepreneur. It’s a chance to skip the slow grind of organic growth and step straight into established revenue, systems, and customers. But here’s the catch: far too many buyers end up overpaying because they don’t know how to properly value […]
HMRC Enquiries: What They Are, Why They Happen, and How to Stay Calm
If the phrase “HMRC enquiry” makes your stomach drop, you’re not alone. The idea of someone combing through your numbers isn’t exactly a day at the beach. Here’s the good news: an HMRC enquiry isn’t automatically bad news. When you know what to expect and how to prepare, you can deal with it confidently — […]
How HMRC Is Watching Taxpayers in 2025 — And What It Means for You
The way HMRC checks up on taxpayers has changed dramatically over the past decade. It’s no longer just about the odd brown envelope arriving in the post — technology and data-sharing now give HMRC unprecedented reach. With Chancellor Rachel Reeves pushing HMRC to recover an additional £7.5 billion a year in unpaid tax by 2029, […]