In Conversation with: Carly Gulliver at Addleshaw Goddard

Q. For the benefit of our readers, can you tell us a little bit about yourself and your role at AG?

With around 9 years' post-qualification experience as a lawyer, I advise businesses, managers, investors and legal teams on a range of strategic transactions and day-to-day legal solutions. With a keen focus on the tech sector, I enjoy working with fast growing businesses in the tech and digital space. That said, I have deal experience across a range of sectors, including financial services, chemicals and industrials, manufacturing, logistics, and food and drink. I'm proud to have been recently recognised by my clients in Chambers 2020 as an "Associate to Watch" and by my peers in the corporate finance community, in the Emerging Dealmaker shortlist of the Insider Dealmaker Awards 2020.

My day-to-day role includes advising on acquisitions and disposals, investments and reorganisations at Addleshaw Goddard. We're a full service law firm, advising on corporate transactions, commercial contracts, data protection, intellectual property, employment, litigation and real estate – you name it, we cover it! We have a national and international footprint and advise across all sectors. With a team of over 1,200 lawyers, there's not much that we've not seen or can't offer a solution for!

Passions of mine include art (I'm a keen member of Leeds Life Drawing Class) and the gym (or these days, lots of walks and trail runs). I'm very close to family and enjoy spending time with them whenever I can.

Q. Are you still transacting on deals during the Covid-19 pandemic?

The last ten months has seen a real burst of deal activity, in spite of these challenging times. I've personally completed 7 transactions over the lockdown period, ranging across a number of sectors. These have included advising: 365 Response Limited, a Wakefield-based digital platform solutions business in the healthcare sector, on its investment from BGF; NorthEdge Capital LLP on its investment in Lights4Fun Limited, a Harrogate-headquartered e-commerce business, selling decorative lighting products; and the shareholders of Citihub Digital, a London and New York-based digital consultancy to the financial services industry, on a sale to Synechon, Inc. 

It's certainly been one of the busiest times of my career!

Q. How do you think the market has been impacted?

In Lockdown 1.0, we saw a mixed bag of reactions in the market. On the one hand, a number of private equity investors closed their doors for new business, choosing to put their arms around their portfolio companies and focus on sustaining what they had. On the other hand, some investors put their foot to the pedal to close transactions quickly and ahead of further uncertainty on the horizon. 

Since then, and up to Lockdown 3.0, I would (tentatively) say that the market has been on a steady forward trajectory. We have not (yet) seen a dramatic upturn in distressed deals. Private equity and corporate buyers have pushed forward with transactions, moving quickly but at the same time cautiously. Buyers are relying on extensive due diligence to make sure that they can complete transactions with as little risk as possible. Rumoured tax changes to Capital Gains Tax have also been driving sell-side activity, with entrepreneurs looking to sell their businesses before potential tax changes are introduced in early March.

Businesses have been challenged to pivot, look internally at their strategy and outputs, and to innovate. There has been a wave of digital transformation in business and commerce. For businesses which have embraced these positives and who are thinking of selling in the near future, this strengthening of core assets can only be a good thing from a value creation perspective. 

Q. Any top tips for a seller prior to the selling process?

At its most basic level, selling your company is a bit like selling a house - you'll want to make sure that it's in the best shape possible before viewers see your pad! This means making sure that your records and policies are in good shape, your contracts are in good order and that there are no hidden liabilities or surprises which could come out of the woodwork when a buyer starts to make its due diligence enquiries in the sales process. At the same time as going through a sales process, you'll have your day-to-day business to run, a team to manage, and your focus will also be on continuing to drive value and profits … If you think this sounds like a lot of work, you're right!

My best advice to you to get through this? Appoint your advisory team early so that they can help shoulder the heavy transaction workload and lead you through the process. Experienced advisors can help you to package up your business so that it's deal-ready, identifying and addressing any issues which might turn off a buyer. Preparation and planning are key to delivering a successful sale and to making sure that you sell your business for the best return.

Q. Why should a seller use a firm like AG, rather than their normal day-to-day lawyer?

We deliver! We have a large team of experienced lawyers who will be focussed on doing your deal.

We know our way around a deal! As well as regularly acting for sellers on sell-side transactions, we also act for buyers, investors and lenders. This means that when we sell your business, we can quickly anticipate any issues which a buyer might raise – we'll be on the front foot. 

We're pragmatic, but drive a hard deal! We can advise you on what the 'market norm' is, helping you to avoid drawn-out negotiations, whilst also advising you where you can win points to drive value.

We're a down-to-earth, friendly bunch. Before you appoint your advisors, ask yourself how you will feel speaking to them on a daily basis and sometimes (although we try to avoid) around the clock… We build good relationships with our clients. If there is a chance, we want to work with you again – not just once on your sale!

(End of interview.)

If you are considering the sale of your company during the lockdown period you will undoubtedly have questions.

Speak to the La Salle team on 0161 975 1521 or use our Contact Form, alternatively you can Download our Guide to Selling a Company.