Although you’ll think it’s the same thing, irrespective of whether you are a buyer or a seller, the perspectives are very different.

If you are a seller, your end goal is to a) make sure you get your money as early as possible, b) in as tax efficient a manner as possible, and c) with a minimum of downstream risk. In terms of process, you want the experience to be as quick as possible and as stress-free as possible.

If you are a buyer, your end goal is a) to make sure you really do get what you are paying for, b) if it turns out that things aren’t exactly as you thought they were, you have an effective remedy, and c) the benefit of your acquisition isn’t going to be undermined by the subsequent activities of the sellers (i.e. non-competes and similar). In terms of process, you want the experience to be as quick as possible and as stress-free as possible.

I have a distinctive approach to buying and selling companies.

• I will agree upfront with you what the success criteria are. This means that we are aligned right from the start.

• I’m a big believer in Eisenhower: “the plan is nothing, planning is everything”. Success starts with good planning: the creation of an internal termsheet so that it’s clear what the choices are, and what the trade-offs are, behind each choice. This is particularly important with deals which contain a high number of variables, each variable having a knock-on impact on the next.

• The fact that we have been through the planning process means we can decide quicker and react quicker – a key contributor to a successful negotiation.

• I act more like an in-house counsel and I (typically) front the negotiation (negotiation is one of my key strengths). That means that (unlike a law firm) I don’t come to you for a decision on every minor issue: I will filter out the small stuff and only come to you with the important decisions. This has two main benefits: a) it keeps your brain clear so that you can see the wood from the trees, and b) it takes work off your plate and allows you to get with your day job.

• My strong sector knowledge minimises false starts and faffing around with approaches that don’t make sense for the sector.

• My inhouse background means that advice and work is grounded in the pragmatic.

• My strong negotiation skills make for a substantially better deal and great ROI on your spend.

• My thought-through approach and strong initial preparation takes work off your plate. Instead of being swamped in detail, the key issues are brought to the fore. You are empowered.

Do Nothing. n/a

DIY. Not really an option, unless you are a masochist.

Appoint other external counsel. There are plenty of law firms that provide this service. Some of them are very good.

Usually a fixed price, based on scope and the value of the deal. But sometimes billed by the hour if there’s too much uncertainty for a fixed price (or if client has a strong preference for hourly).

It’s hard to measure ROI on legal spend for this kind of deal, but I expect your ROI to be at least 5x.