Whether you’re a first-time buyer or a seasoned entrepreneur looking for your next acquisition, the process can be as exciting as it is overwhelming.
In this episode of The Business Compass podcast, we interviewed our very own Richard Coulthard, a commercial lawyer who’s spent over two decades guiding clients through mergers and acquisitions (M&A). What followed was a masterclass in what to expect, what to avoid, and how to make your move with clarity and confidence.
This isn’t a dry legal explainer. It’s packed with the kind of wisdom you wish someone handed you before you signed on the dotted line.
Not All Risks Are Bad—But the Unknown Ones Can Really Shake Things Up
One of the most powerful stories from the episode came from a case where the client nearly walked away from a deal due to fears about personal guarantees and shifting lender conditions. Richard helped them navigate the uncertainty—resulting in a successful sale and a huge sigh of relief.
Here’s the thing: Risks aren’t a reason to back out. They’re a reason to pause, prepare, and plan.
What to do:
- Ask: What’s the worst-case scenario—and can I handle it?
- Look beyond the surface. Economic policies, supply chains, even new government tariffs can shift overnight.
- Don’t do this alone. A good legal advisor doesn’t just tick boxes—they do the digging for you.
The Best Time to Plan Your Exit? Before You Buy.
This might sound counterintuitive, but it’s true: your acquisition strategy should include a plan for how (and when) you’ll exit.
Richard recommends looking 3–5 years ahead. The businesses that sell well are those that were built to sell—with clean contracts, strong recurring revenue, and low owner dependency.
What to do:
- Ask: If I wanted to sell this in 5 years, what would I need to fix today?
- Start tightening up employment contracts, supplier terms, and client agreements early.
- Build systems that don’t rely solely on you.
Relationships Build Value—Not Just Deals
The best lawyers aren’t just dealmakers. They’re long-term guides. Richard has worked with clients from their startup phase through to multi-million-pound exits. And it all comes down to one thing: trust.
A transactional mindset might get the deal done. But a relationship mindset? That gets deals right.
What to do:
- Don’t treat professionals like one-off helpers—build lasting relationships.
- Share your bigger vision, not just the current task.
- Choose advisors who actually listen.
Why Human Judgement Still Wins in the Age of AI
Yes, AI is changing how we work—but in M&A, the most important decisions can’t be outsourced to an algorithm.
AI can do a lot, but it doesn’t know when a deal feels off. It can’t sense hesitation in a buyer’s voice, spot the unspoken dynamics in a negotiation room, or understand what a business really means to its owner.
Real deals are emotional. They involve trust, risk, instinct, and relationships. And that’s where human expertise shines.
What to do:
- Let AI do the admin—but keep people at the heart of the process.
- Rely on experienced advisors for strategy, negotiation, and reading between the lines.
- Trust your instincts. Gut feel, empathy, and lived experience still matter more than ever.
Final Thoughts: M&A Doesn’t Have to Be a Minefield
Buying a business is a big deal. Literally. But with the right advice, the right mindset, and the right team around you, it can be one of the best decisions you ever make.
Whether you’re mid-deal or just starting to explore your options, this episode is packed with practical insights to help you move forward with clarity and confidence.
Listen to the full episode of this latest The Business Compass podcast.
Want tailored advice on your first acquisition?
Get in touch with Richard Coulthard at richard.coulthard@isonharrison.co.uk
