Case Study
How NITC fast-tracked a sale and navigated challenges with Jamieson Law
When Gary and his business partners founded NITC, their plan was clear: grow the business steadily and look to sell when they hit their 50s. “We thought we’d sell in about five years—once we’d hit that sweet spot of value and still be young enough to enjoy the rewards,” Gary explains.
But as is often the case in business, plans have a way of changing.
In May this year, the team at NITC received an unexpected approach. At first, it felt premature. “We weren’t really taking it too seriously,” Gary admits. “But when ARC came in with their offer, something clicked. The valuation was already at the level we thought we’d achieve in five years, and their approach was ethical and transparent. It felt right.”
After much deliberation, the partners decided to fast-track their plans, beginning a whirlwind journey to complete the sale in just three months.
Turning plans into action
While the decision to sell came quickly, the process itself was anything but straightforward. “We didn’t have a clue where to start,” Gary laughs. “ARC put an exclusivity offer on the table, but we knew we needed legal advice before signing anything. That’s when we called Babs at Jamieson Law.”
Gary and his partners had worked with Jamieson Law for years on other legal matters. “We trusted them. We didn’t even know they did acquisitions, but as soon as Babs confirmed they did, it was an easy decision. We knew we were in safe hands.”
The Jamieson Law team got to work immediately, reviewing the initial offer letter to ensure the terms protected NITC’s interests. From there, the sale process took off at lightning speed.
Navigating the hurdles
Every business sale has its challenges, and NITC’s was no exception. The process unfolded in two key phases: financial due diligence (DD) and legal due diligence.
“Mark, my business partner, took the lead on the financial side, working closely with our accountant,” Gary explains. “It was a lot of pulling data—weeks of it, actually. Meanwhile, I led on the legal DD, with Laura from Jamieson Law as my main point of contact.”
Laura handled everything from preparing documentation to liaising with the buyer’s solicitors. “She was amazing,” Gary says. “There were endless questions coming in—sometimes duplicates—but Laura kept everything organised and made sure the data room was structured and accessible.”
While much of the challenge lay in the sheer volume of work, there were some unexpected curveballs. “We hit a snag with an old Irish entity we’d set up years ago. It hadn’t caused any issues before, but now we had to dig out documents and clarify its purpose. And then there was a commercial property we owned that the buyer didn’t want—getting that transferred out in time was a real challenge.”
Despite the hurdles, the deal stayed on track. “We’d heard from other business owners that due diligence is always a nightmare, and it was demanding,” Gary admits. “But having people we could rely on including our accountant and Laura and Babs, made it manageable. They kept us calm and on course.”
Why it worked
Gary attributes the smooth running of the process to clear communication and a shared sense of urgency. “Everyone involved knew we had a hard deadline of 30th October. ARC, the accountants, the property solicitors—even the building management company across the road. We stressed to everyone how important it was to keep things moving, and thankfully, they did.”
The support from Jamieson Law was crucial. “Babs stepped in later in the process to handle the big-ticket items—share purchase agreements, warranties, disclaimers. Having her there gave us so much confidence.”
Looking ahead
With the sale completed on time, NITC’s team is staying on for the long term under the new ownership. “It’s still business as usual for now,” Gary says. “But this deal gives us so many options for the future. It’s exciting to see what opportunities lie ahead.”
Reflecting on the experience, Gary is quick to offer advice to other business owners considering a sale. “Start preparing early. Having your financials and contracts in order saves so much time and stress. And make sure you have the right legal team in place. For us, Jamieson Law was that team—they were brilliant.”
As for whether Gary would do it all again? He laughs. “No way. It’s 10 times worse than buying a house. But I wouldn’t have done it any other way, and I wouldn’t have worked with anyone else. The whole team at Jamieson Law worked tirelessly to get this over the line, and I couldn’t recommend them enough.”
Key takeaways
- Start early: Preparing contracts, financial records, and structures ahead of time makes the process smoother.
- Pick the right team: Trust and expertise in your advisors are invaluable.
- Expect the unexpected: Challenges like old entities or property transfers can crop up, but with the right support, they can be managed.
Thinking about selling your business? Jamieson Law specialises in guiding businesses through acquisitions and exits, ensuring you’re protected every step of the way.
Contact us today to see how we can help.