Link deal

est un cabinet spécialisé dans les opérations de cession et levée de fonds

A firm dedicated to maximizing the value of companies

Customized service

Link deal is a firm specialized in M&A and private equity funding transactions. We accompany our clients in a personalized and confidential manner towards the most favorable conclusion for the valuation of their economic assets.

A multi-expert service

Link deal is a network service for leaders. Each of our missions mobilizes specialists in mergers and acquisitions backed by a group of experts including:

  • Legal and accounting experts
  • Industry experts in each sector

With many years of cumulative experience, the Link deal team has built up its analytical capability and know-how through operations of all sizes.

Our methodology

An approach inspired by pragmatism

The personalization of Link deal’s support features two primary aspects:

  • The mission is 100% adapted to the specific context of each company and to the objectives of its shareholders.
  • The partner working with you is 100% committed and 100%

The most important thing for us is the trust we establish with the business owner. We choose each other to move your project forward together to the most advantageous deal.

Seamless accompaniment

Supervision of the entire process is conducted by a partner, who ensures fluidity and consistency at every step of the way.

This is why Link deal partners intervene personally and confidentially at two levels with SME leaders:

  • Strategic and operational advice at the outset of the decision to sell or to seek out private equity funding
  • Operational management throughout the course of the sale or private equity funding process

The Link deal ecosystem

Every business is unique and every transaction is unique. At Link deal, we believe that building a team of specialists by sector and type of transaction is the best way to guarantee our clients:

  • the most comprehensive diagnostic of their particular situation
  • the most relevant strategy to maximize the value of the

This is why we have developed an ecosystem with legal experts, accounting experts and with industry specialists covering all economic sectors.

In cooperation with you and your advisors, we can involve these experts under strict confidentiality obligations (NDA).

Making these experts available to you is integral to the personalization of Link deal’s support.

How is Link deal paid?

Our driving force is the success of the transaction in your best interests. This is why our compensation is based on a percentage of the successful transactions.

The retainer fee that we charge upfront to cover costs is therefore deductible from the success fee.

 

 

 

Our know-how in M&A transactions

A worry-free progression towards an optimized sale price…

In deciding to sell your business, you may be motivated by different factors:

  • Preparing for your retirement
  • Enabling the company to grow better
  • Seizing the opportunity of a buyout offer
  • Responding to an unforeseen situation or seizing an opportunity

Whatever your motivation, your decision to sell is an important, life-changing act. To enable you to carry out this transaction in the best possible conditions for your personal wealth and in the interest of the company’s long-term prosperity, this complex transaction must be handled with great care based on a 6-step process.

This cautious and methodical approach is your best guarantee to accomplish a successful and worry-free sale, at the right time, at the right price and to the right buyer.

Preparing for the sale of your business

Whatever the reason and the degree of certainty of your decision, it is crucial to be able to anticipate in order to be in a position to seize the best opportunity when the time comes.

In concrete terms, you must regularly ask yourself whether your company is ready to be sold.

This will put you in a position to respond to every situation.

Anticipating involves a two-dimensional thought process:

  • From your personal standpoint, gradually project yourself towards life after the sale: your new professional activities, your tax situation, your personal circumstances…
  • From a business perspective, ask yourself when is the right time to sell and how to maximize the value of your business

The 6 steps of the M&A process

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Step 1: Conduct diagnostics

Attentive to the peace of mind of businessmen and women sell their company, we take time to understand your personal situation.

Diagnostics measure the existing situation with maximum precision and provide the basis from which Link deal builds its recommendations to optimize the attractiveness of your company:

  • correcting issues that could be problematic
  • building on strengths

We carry out this complete audit for you and accompany you in preparing and implementing the actions identified as necessary.

Conducting thorough and objective diagnostics is also the best way to be prepared to answer all the questions a buyer will likely ask.

In preparing these diagnostics, we work in coordination with your regular advisors. Our experience, our background in corporate management and our network of industry experts and financial specialists all bring added value to the exercise.

  • Industry diagnostic

The strategic analysis of the company establishes where and how the company is situated in its economic context as well as its strengths, weaknesses and opportunities for development. The objective of the industry diagnostic is to be able to build a commercial business plan in order to enhance the potential of the company from potential buyers’ standpoint.

  • Human resources diagnostic

The men and women of the company represent an extremely important part of its value, especially from the buyer’s point of view.

Critical issues to be addressed include how the business will be able to function without you, with which team members, which processes and know-how, which risks. The diagnostic also anticipates the evolution of the employees.

  • Production diagnostic

All of the company assets used for the production of its goods and services are taken into account in the transaction:

  • Real estate
  • Production lines
  • Information Technology
  • Inventories
  • ..

 

  • Accounting and financial diagnostics

LAssessing the financial structure of your company before the sale (holding company, debt structure, personal guarantees) and preparing the accounting elements (balance sheet and income statement) are necessary to anticipate and eliminate any elements that could be detrimental to the sale.

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Step 2: Establish the value of the company

Several methods exist to estimate company value. We combine these methods from different angles to get the most realistic range possible.

Our knowledge of past operations and of the market in general, as well as purely financial assessments, enable us to provide the most accurate valuation possible

What is the difference between valuation and price?
Valuation should not be confused with price!  Price is the result of the meeting point between supply and demand.

Our primary objective throughout the process is to implement an effective methodology to maximise the price according to your goals and the “objective” value of your company.

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Step 3: Present the company in its best light.

We define together a strategic list of potential buyer types consistent with your objectives and our knowledge of the markets. We then establish a direct contact with such buyers.

To initiate the process, we provide a document called a “teaser”, which briefly describes the business and the proposed transaction in order to peak the interest of potential buyers.

The teaser must be sufficiently attractive, presenting several key indicators such as sales and earnings levels. The teaser is intended for wide distribution but must preserve confidentiality as much as feasible.

Link deal manages the entire process of contacts, exchanges and pre-selection of potential candidates.

Each applicant who so requests receives a “memorandum” after signing a confidentiality agreement.

This “memorandum” enables the selected potential buyers to get a precise picture of the company and the planned transaction.

This exhaustive presentation of several dozen pages gives a detailed account of the main elements concerning the company’s sector of activity, its history, its structure, a precise description of its activities, products, services, premises and production facilities. The memorandum also presents the company’s financial situation with the last three balance sheets, profit and loss statements as well as the customer segmentation and typology.

This document is crucial for the potential buyer to make an offer in the form of a Letter of Intent (LOI).

At the end of this phase, after meeting the candidate(s), we select together the candidates that will continue on to the audit phase.

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Step 4: facilitate the audits of potential buyers

The potential buyers that we have selected together are at this stage bound by a Letter of Intent, the terms of which have been negotiated between the parties.

The buyers will then go into the details of the company’s activity by carrying out audits in the following areas:

  • Accounting
  • Human resources
  • Legal
  • Industrial
  • Real estate
  • Tax

The purpose of these audits is to allow the buyer to complete its knowledge of the company and get a definitive picture of the target. Given their importance for the buyer, these audits are systematically carried out by its own experts and advisors.

They must be anticipated and prepared in order to avoid leaving grey areas that could hinder the final negotiations.

All communications during this process are confidential, and the documents requested by the buyer and its experts are made available in electronic format through a secure data room that we can manage for you.

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Step 5: Negotiate the detailed terms of the transaction

Negotiation can be long and nerve-wracking at every step of the process, with each side defending its own interests to the best of its ability.

We manage the negotiation on your behalf by coordinating the various parties involved (buyer’s counsel, experts from both sides), depersonalizing the exchanges while following a clear and shared strategy aimed at maximizing your interests.

The objective is of course to agree on the price, but also on all the elements surrounding the price (seller support during the transition period, seller guarantee, conditions precedent to closing, etc.).

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Step six: close the deal

We accompany you in your best interests to facilitate the closing, in connection with your counsel in charge of the legal drafting of the documents.

We ensure compliance with the deadlines and timings imposed by law in order to help you inform your employees in a timely manner.

 

 

 

Our Expertise in private equity funding

A worry-free progression towards the strengthening of the company’s capital

Private equity funding is a high-stakes operation for your company, and it often takes several months to complete. The fundraising process itself, in five stages, must be preceded by rigorous preparation.

With many years of experience in such operations, Link deal experts will accompany you throughout this complex process.

Preparing for the fund-raising operation

After defining with you the operational objectives of the fundraising operation, we work on the most suitable scheme combining an equity raise and the use of debt to optimize the leverage effect (shares, convertible bonds, bank debt…)

Once the needs and the sequencing have been defined, we prepare with you and your regular advisors the necessary documents to meet the requirements of investment funds.

The main documents are:

  • The investor presentation
  • The oral presentation slideshow and the pitch
  • The detailed business plan

All documents required for the due diligence process

The 5 steps of the fundraising journey

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Step 1: Target and approach investors

The investment fund ecosystem is highly segmented. Each investor has its own specificities, including type of transaction, size of business or industry sector. Consequently, Link deal makes a calibrated selection of investors according to your project and company profile.

Based on our experience and our network, we select with you the funds to be contacted, and we manage the exchanges after sending the presentation to those who have expressed an interest. We organize individual meetings with investors.

At this stage, our regular contacts and know-how with funds and investors serve as an accelerator for your project.

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Step 2: introduce the company

This phase is key to the success of the project since it is the moment when you, with our assistance, will present the project to potential investors (The “Pitch”).

The format of this type of presentation must be fine-tuned to meet investor standards; we prepare you and all the supporting documents.

We help you master the ins and outs of this presentation so that you will be able to “seduce” as many potential investors as possible to put you in a position to choose!

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Step 3: Negotiate the letter of intent

The letter of intent (also called “LOI” or “term sheet”) sets out all the elements that will determine the terms and conditions of the transaction:

  • Pre-money valuation (with your usual advisors and experts)
  • Amount of equity contribution
  • Investment type (shares, convertible bonds, )
  • Horizon and exit conditions
  • Management package (stock options, etc…)
  • Other essential terms (non-compete clause, bad leaver ..)

We manage the negotiations for you. In particular, we and our experts verify alongside your advisors that each of the elements of the letter of intent is in line with your interests.

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Step 4: facilitate the audits by potential investors

Investors are at this stage bound by a letter of intent.

They will then go into the details of the company’s activity by carrying out audits, or due diligence, in the following areas:

  • Accounting
  • Human resources
  • Legal
  • Industrial
  • Real Estate
  • Tax

The purpose of these audits is to allow the investor to complete his dossier and get a definitive picture of the company. Given their importance for the investor, these audits are systematically carried out by its experts.

They must be anticipated and prepared in such a way as not to leave grey areas that could hinder the fluidity of the process.

Exchanges are confidential and any additional documents requested are made available in electronic format through a secure data room that we can manage for you.

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Step five: close the deal

We support your legal counsel in the drafting of documents in your best interests (shareholder agreement, stock options…).

We ensure compliance with the deadlines and timings imposed by law in order to help you inform your employees in a timely manner.

 

 

 

 

Who are we ?

Emmanuel Bertin : Managing Partner

Former CEO, Emmanuel dealt with many mergers and acquisitions in the Fast-Moving Consumer Goods environment. He now works closely with funds and companies of various size for M&A and fund raising. He currently deals with operations in FMCG, technical design office in urbanism and luxury cosmetics.

Laure Taiclet : Operations manager

With a jurist degree, she coordinated the takeover of numerous SMEs and then developed a network of investors for 10 years. She also runs an « APM » club for managers in Dijon (Association dedicated to Management Improvement).

 

Jérome Deliry : Partner

A former company manager who also gained solid experience at BPI France, Jérôme has been a lawyer for several years. He is a specialist in fund-raising operations, disposals and transfers. He is fully aware of the expectations of investment funds, with whom he works on a daily basis. He has accompanied several transactions in the industrial, hotel and high-end senior residence sectors.

Jaron Sandy : Partner 

Member of the bar association of New York and Dijon, Jaron frequently handles cross-border transactions and maintains frequent contacts with businesses and investors in the United States.  He has completed several international M&A deals as well as investments in the car dealership, broadcast technology, restaurant and industrial sectors.

Jérôme Fauque : Partner 

As a lawyer, Jérôme is specialized in Asset Deal and Share Deal operations. He is also heavily involved in the transmission and structuring of the personnal and family assets of business owners. Jérome operates in multiple sectors such as automobile distribution, hotels and restaurants, food distribution or timber construction.

 

 

 

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