Insights
Practical guides on selling and buying companies, valuation and raising capital.
When two offers arrive, the gap is rarely the price. What each buyer wants from the owner afterwards, what happens to the company, and how certain each is to close.
Why the price is lower in a bankruptcy sale, what is and is not included, how the auction runs, and the checks a buyer must complete before paying a deposit.
An acquisition loan is repaid out of the target’s own cash flow. How much banks lend, how much equity they expect, and how that sets the ceiling on price.
How much cash sits trapped in stock and receivables, how the cash conversion cycle is measured, and which measures release it without new borrowing.
Buyer and seller almost never compute the same EBITDA. Which adjustments survive diligence, which the buyer strikes out, and what the gap is worth in price.
What corporate finance actually decides — investment, funding and returns to owners — and the trigger events that make a private company reach for an adviser.
Buy-side M&A from the acquirer’s side — building an acquisition thesis, approaching targets that are not for sale, diligence that earns its cost, and price discipline.
The headline price is agreed early; what reaches the seller’s account is settled in the agreement. A guide to the price bridge, working capital, warranties and escrow.
Partner Stefan Petrović on our H1 2026 market review — why the higher offer lost at Addiko, what delay actually costs, and why domestic buyers change the game.
Refinancing, recapitalisation, a partial sale or a full exit — the realistic options for a company under financial pressure, and why acting early preserves value.
Selling a family business is not only a transaction but a transition. Here is how to balance value and legacy — and prepare for both.
Retainers, success fees, legal and due diligence costs — what selling a business actually costs, and how to structure fees so incentives are aligned.
Hefestos Capital’s half-year review of the M&A market in Southeast Europe, with a focus on Serbia: the NIS and Addiko deals, the macro picture, and four lessons for owners.
The right adviser can add far more value than their fee. Here is what to look for when choosing who to trust with a transaction.
Growing companies can raise equity, debt, or a mix of both. Each has a cost and a consequence. Here is how to think about the choice.
When buyer and seller disagree on value, an earn-out can bridge the gap — tying part of the price to future performance. Here is how they work.
From preparation to completion, a company sale typically takes six to twelve months — sometimes longer. Here is what drives the timeline.
Sell-side and buy-side advisory sit on opposite ends of a transaction. Understanding each clarifies what an adviser actually does for you.
Due diligence can make or break a deal. Understanding what buyers examine — and preparing for it — protects both value and timeline.
The preparation that happens before a company goes to market often determines the final price. Here is what to get right, and when to start.
The main business valuation methods explained — comparable multiples, precedent transactions and discounted cash flow — and how they work together.
M&A advisors guide companies through mergers, acquisitions and capital raises. Here is what they do and when engaging one pays for itself.
A step-by-step guide to selling a business — from preparation and valuation to running a competitive process and closing the deal.
