Beyond the deal

Selling a business is often viewed as a transaction. In reality, it is a process that begins long before a deal is contemplated and continues well after completion. That perspective shaped Beyond the Deal: Positioning your business to achieve maximum value, a recent Forvis Mazars Cork event that brought founders, advisers and investors together for a candid discussion on what truly drives value.

Host & MC

• David Swinburne, Corporate Finance Partner, Forvis Mazars Cork

Keynote speaker

• David Carroll, Founder, Investor & Board Member

Panellists

• Gillian Keating, Partner, RDJ
•  John Bowe, Partner & Head of Corporate Finance, Forvis Mazars
•  Jack O’Grady, Senior Associate, Waterland Private Equity
• Stephen Gahan, Tax Partner, Forvis Mazars

From personal experience to market conditions and risk management, the discussion highlighted that value creation is as much about preparation, alignment and perspective as it is about price. Seven key insights emerged.

1. Exits are emotional as well as commercial

Keynote speaker David Carroll shared an honest account of his journey with Induchem Group, highlighting the emotional impact of stepping away from a business he helped build.

While transactions often focus on valuation and structure, David spoke about the identity shift that follows a sale and the challenge of redefining purpose. His own retirement lasted just six weeks before he returned in a strategic M&A role during the earn-out, illustrating how entrepreneurial drive does not disappear after a transaction, it evolves.

His experience underscored a recurring theme throughout the evening: founders rarely “switch off” after a sale. The entrepreneurial drive remains, but it needs direction. Planning for life after a transaction is not an afterthought, but a critical part of exit readiness. 

2. Life after a sale needs to be planned, not improvised

David’s experience underscored a recurring theme throughout the evening: founders rarely “switch off” after a sale. The entrepreneurial drive remains, but it needs direction. Planning for life after a transaction is not an afterthought, but a critical part of exit readiness.

Founders who focus exclusively on the deal itself can underestimate the personal transition that follows completion. Considering future roles, motivations and sources of fulfilment early allows owners to approach a sale with greater clarity and confidence, rather than viewing the transaction as an endpoint.

3. Early alignment avoids late-stage friction

Another recurring theme was the importance of honest conversations early in the process. David emphasised the value of open discussions with family members, fellow shareholders and senior management around goals, expectations and definitions of success. 

While not always easy, these conversations create alignment and significantly reduce complexity when critical decisions need to be made under time pressure.

4. Preparation and timing materially influence value

From an advisory perspective, Stephen Gahan highlighted the importance of engaging advisers well in advance of a potential sale. Early tax and structuring planning allows time for group reorganisations, addresses potential issues before due diligence and ensures the business is positioned optimally for a transaction. 

Stephen also noted that timing is a key value driver, not just in terms of market cycles, but in ensuring the business itself is operationally, financially and structurally ready for scrutiny.

5. Market appetite is strong, but differentiation is critical

Turning to the broader deal landscape, John Bowe provided insight into current M&A activity in Ireland. He highlighted continued strong appetite from both strategic and financial buyers across a wide range of sectors, underlining the attractiveness of high-quality Irish businesses.

However, John stressed that preparation is what ultimately differentiates outcomes. Businesses with robust financial information, a clear growth narrative and credible forecasts are far better placed to drive competitive tension and achieve premium valuations. In a crowded market, it is preparation and clarity of story that set businesses apart. 

6. The right investor can accelerate growth beyond the deal

Jack O’Grady offered a private equity perspective on life after acquisition, drawing on experience at Waterland.

He emphasised the importance of honesty, alignment and strong communication with management teams. Where that alignment exists, private equity investors can bring more than capital alone, including strategic insight, acquisition funding and experience in scaling businesses.

7. Managing risk is part of maximising value

Rounding out the discussion, Gillian Keating focused on the increasing role of Warranty and Indemnity insurance in Irish transactions. She noted that more competitive pricing has made W&I a realistic option for a broader range of mid-market deals. 

Considering W&I insurance early can facilitate a cleaner exit for sellers, reduce residual risk and increase certainty for buyers. In many cases, effective risk management supports smoother negotiations and enhances the overall attractiveness of the deal. 

The session concluded with a lively Q&A on founder readiness, life after a sale and how early planning should begin. The overarching message was clear: achieving maximum value is about far more than the transaction itself. It is the product of early preparation, informed advice and a clear vision for what comes next, for both the business and the people behind it.