Trade buyer, investor or private individual — what's the difference?

A competitor or a company in an adjacent market. They can often pay the most because they can strip out duplicated cost — which is precisely the risk. Your back office, your brand and sometimes your premises may be the synergy.

Good for price. Harder on continuity, and awkward if the deal falls through after they have seen your customer list.

Private equity and investment groups buy for a return over a defined period, usually three to seven years, and then sell again. Professional, well-resourced and structured.

It does mean your business will be sold once more, to someone you never meet.

An individual or small group buying to own and operate, often for the long term. Deals are typically more flexible and more personal.

This is where we sit. It suits owners whose first question is what happens to my people, rather than what is the absolute maximum I can extract.