Deep Dive: Why Relationships Matter in Succession Situations
Key Takeaways
Personal and thoughtful outreach can open conversations that generic approaches rarely achieve
Many sellers value continuity, culture, and people as much as they value valuation
Treating owners with fairness and empathy across every stage builds lasting trust
Ethical conduct and a commitment to preserving culture can be powerful differentiators
In many ownership transitions, the focus often falls on price and deal terms. Yet for founders preparing to step away from companies they have built over decades, the decision is rarely just financial. It is deeply personal. They want to see their people protected, their culture respected, and their life’s work carried forward with care.
This is where relationships make the difference. Sellers become receptive when they sense genuine interest and empathy from a buyer. It begins with early conversations that are thoughtful and tailored, showing an understanding of the company’s unique strengths. Buyers who invest time in building rapport with brokers and advisors also gain early credibility, which opens doors that spreadsheets cannot.
Carlos Arrebola and Kathryn Robertson Arrebola, a husband and wife search team in the UK, demonstrate this approach well. They focus on building trust from the first interaction. They send only a small number of handwritten letters, each signed by both of them and accompanied by their photo. Every letter explains why they are interested in that specific company, showing the owner that they have taken time to understand its story. They actively communicate that they are not looking to strip away the brand or cut costs, but to nurture the business and its people.
Alongside this, they built early relationships with smaller regional corporate finance houses that only handle a few transactions a year. These advisors were intrigued by their unique positioning as a family team, and often placed them at the top of their lists when thinking about succession-minded owners who would value continuity.
This mindset carries through due diligence, negotiation, and post-acquisition planning. They make fair offers and stand by them, avoid retrading, and frame the process as the start of a long-term partnership. In the end, succession is not about winning a deal. It is about earning trust at every stage and showing owners their legacy will be safe in your hands.
Their journey as a team is already yielding results: just 5 months into their search, Carlos and Kathryn are already well-advanced in the acquisition process with an interesting company in an industry they are deeply passionate about. This milestone not only speaks to their thoughtful, people-first approach but also marks an exciting start to their succession story. One built on integrity and partnership. Momentum is clearly on their side, and we can’t wait to see how their vision unfolds. Stay tuned as this is only the beginning…

Insights of the Week
Search funds in the UK are tapping private credit to compete for founder-led SMEs. With 10% of Triple Pointʼs SME lending now backing searcher-led deals, lenders are betting on operatorsʼ leadership over balance sheets. This blend of debt and equity is helping searchers win succession opportunities without PE-style takeovers.
Deal Watch
Completed Fundraise:
Feldwerk Nachfolge - DE:
Serial entrepreneur Pierre Haarfeld (ex-Pixelpark) has launched Feldwerk Nachfolge to acquire and grow a mid-sized German business, backed by Nexa Partners and investors including Valmaris Private Investors, Moonbase Capital, and Legacy Partners. Pierre brings 10+ years of B2B entrepreneurial experience and a values-driven approach, seeking a profitable company (€5–50M revenue) with a stable market position, scalable model, and digitalization potential.
For the Commute
The Future of SMB M&A: Trends, Tactics & Tech (M&A Zing)
Alfie Lambert and Gareth Hawkins explore the future of SMB M&A as search funds rise, private credit gains ground, and AI transforms deal sourcing. They unpack why SMBs now make up 88% of UK deals, how family offices and LPs are reshaping funding, and which sectors, including care, nurseries, renewables, and accountancy, are heating up.
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