A family-owned business in which the second generation was seeking to retire but the next generation did not wish to run the business. There was also an issue in ascertaining what the vendors considered 'full value' in light of the results for the most recent financial year being considerably better than the previous three.
We ultimately found an overseas buyer who recognised the value of the IP in the business and a deal was struck such that they acquired a 50% stake at a multiple of the most recent financial year, with an option to purchase the remaining 50% at any time over the subsequent three years based on an agreed formula.
The vendor actually - ultimately - received twice as much for the sale of the second 50% shareholding than they did for the first 50% shareholding, therefore significantly exceeding initial expectations.