From founders and shareholders who have worked with the practice
"We had been discussing a possible sale for about two years without any real clarity. The readiness review forced us to put the actual numbers and governance issues on the table — some of which we had been avoiding. The memorandum was direct but not unkind. It gave us a basis for a proper shareholder conversation."
"The target evaluation was thorough without being excessive. What I found most useful was the section on operating quality — not just the financials, but what actually keeps the business running well. There were questions raised in the document that we had not thought to ask. That made a difference in how the internal discussion went."
"We engaged Nakhon Peak before approaching any potential buyer, which in retrospect was the right decision. The preparatory work took time, but what came out of it was a much cleaner picture of what we were selling and why. The pace was slower than I expected, but the outcome was more considered than anything we had done internally."
"My co-founder and I had different views on whether to sell. The readiness review gave us a common document to work from, rather than two separate sets of assumptions. I think that alone was worth the engagement — having something written that both of us had to respond to."
"I have seen a number of advisory firms work with family businesses in the south. Most arrive with a mandate in mind. Nakhon Peak was different — the initial conversation was genuinely exploratory. They were willing to say that a formal engagement may not be the right step yet, which I found unusual and appreciated."
"The target evaluation took a little longer than the stated timeline, which I flagged early on. The team were responsive and the final document was more complete for the extra time. The integration section in particular was useful — it raised issues our own team had not anticipated. We proceeded with the acquisition with a clearer understanding of what we were taking on."
Three situations where advisory work may have made a difference
A family business that was not ready to sell
A third-generation family business in central Thailand was fielding unsolicited interest from a regional acquirer. The shareholders were divided on whether to explore the conversation further.
The readiness review identified that the financial documentation was incomplete, a key management dependency had not been addressed, and the shareholders had not yet clarified their own objectives.
The shareholders decided to take twelve months to address the issues raised before responding to the acquirer. The engagement's recommendation was, in effect, "not yet."
An acquisition that was repriced before signing
A buyer had identified a target in the services sector and was close to agreeing heads of terms. The corporate development team wanted a second-opinion evaluation before proceeding.
The evaluation identified a concentration in the target's customer base that had not been fully reflected in the initial valuation, along with integration costs that were likely to be higher than projected.
The buyer used the evaluation document in the negotiation. The final price was adjusted downward, and completion mechanisms were added to address the customer concentration risk.
A sale that took longer than anticipated
A founder sought to sell a mid-sized trading business and engaged Nakhon Peak for the full advisory partnership. The process extended beyond the original nine-month scope.
Nakhon Peak managed the preparation, diligence responses, and negotiation framing. When the original preferred buyer withdrew, the practice helped the shareholders reassess and approach a second-choice counterparty with appropriate terms.
The transaction completed at terms the founder considered reasonable. The extended timeline was acknowledged and the scope was managed without additional fees beyond what was originally agreed.
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