Sell-Side M&A Advisory: Independent Representation for Selling Shareholders
Sell-side advisory is an independent advisory service that represents shareholders in the sale of all or part of a company, providing strategic guidance, valuation, buyer access and negotiation management from the first meeting through to closing. Anatrica Partners represents the selling shareholder only.
At a Glance: Our Sell-Side Advisory Service
With no conflict of interest on the buy side, our independent structure directs all its effort towards selling your company at the highest value and on the best terms.
- Scope: Full sale, majority or minority stake sale, strategic partner for growth capital
- Process: Valuation, teaser and IM, buyer outreach, bid management, due diligence, SPA and closing
- Timeline: 6–12 months for a prepared mid-market deal
- Buyers: Domestic and international financial and strategic buyers, including the Türkiye–Africa corridor
- Fee: Monthly retainer and a success fee payable only at closing
- Confidentiality: NDA management, staged disclosure and data room discipline
Which Companies Is This Service Right For?
Sell-side advisory does not produce the same result for every company. The companies that benefit most share four characteristics:
- Scale that attracts institutional buyersFinancial and strategic buyers look for companies that generate sustainable EBITDA and do not depend on a single customer.
- Traceable financial historyBeing able to reconcile the last three years of financial statements with management reports is the single most important condition in preparation.
- Operations that run independently of the founderIf customer relationships and key decisions depend on one person, buyers price that in as a risk.
- A clear objectiveA full exit, a minority sale and growth capital are different processes; knowing which one you want from the start changes both the buyer list and the negotiating terms.
If you want to measure where your company stands on these points, we start with our investment readiness score; to close gaps before the process opens, our sale readiness advisory comes in.
How Is a Company Sale Managed End to End?
We run the sale in six steps as one team, from the first meeting to receipt of the purchase price. We describe each step in detail in our company sale process article.
Independent Valuation
We carry out an independent valuation of your company using discounted cash flow (DCF), EV/EBITDA and precedent transaction analysis, and support your business plan and projections with it.
Preparation and Strategy
We clarify the deal structure and objectives with you, define the sale or partnership strategy, timeline and target investor profile, and measure the company’s sale readiness.
Teaser and IM Preparation
We prepare the teaser, which presents the company anonymously, and the Information Memorandum, which describes it in full.
Buyer Identification and Outreach
We list financial and strategic buyers, manage the NDA process and contact only suitable candidates within a confidentiality framework.
Bid Management and Due Diligence
We compare non-binding offers on price as well as net debt, payment schedule and earn-out terms. During due diligence we set up the data room and manage the flow of information from one centre.
Final Negotiation and Closing
When binding offers arrive we set the negotiation strategy and manage the process until the Share Purchase Agreement (SPA) is signed and the price is paid.
How Long Does a Company Sale Take?
For a prepared mid-market deal we work 6–12 months from the first meeting to closing. The stages overlap rather than run strictly in sequence.
| Stage | Typical duration | Main output |
|---|---|---|
| 1. Valuation and sale preparation | 4–8 weeks | Adjusted EBITDA, net debt, defensible value range |
| 2. Strategy and documentation | 3–5 weeks | Teaser, Information Memorandum (IM), target buyer list |
| 3. Buyer outreach and first meetings | 6–10 weeks | Signed NDAs, management presentations |
| 4. Bid collection and selection | 2–4 weeks | Non-binding offers, letter of intent, exclusivity |
| 5. Due diligence | 6–10 weeks | Data room, DD reports, price and term revisions |
| 6. Agreement and closing | 4–8 weeks | Share Purchase Agreement (SPA), approvals, payment |
| Total | 6–12 months | Transfer of shares and management handover |
What Extends the Process Most?
The timeline almost always slips in preparation. When these items surface after the process has opened, they cost both time and negotiating power:
- Financial statements that do not reconcile with management reports
- Scattered or incomplete contracts
- Unresolved tax or litigation risks
We run a reverse due diligence to identify these items in advance.
Schedule an initial meeting →How Are Sell-Side Advisory Fees Structured?
We use a two-part structure on sell-side mandates. Because the weight sits in the success fee at closing, our interests are aligned with the shareholder’s: the higher the price, the more we both earn.
Engagements such as valuation or investment readiness scoring can be included in the mandate or commissioned on their own. After the initial meeting we confirm the scope and provide a written proposal.
What Drives the Rate and Retainer
- Size of the transaction
- Complexity: multiple shareholders, several business lines, cross-border buyers
- The company’s sale readiness
- The expected timeline
Can You Sell a Company Without an Adviser?
You can, but the cost usually shows up in three places:
No competition
When the number of buyers you can reach through your own network is limited, no competition forms and a single buyer’s offer sets the price.
Experience asymmetry
The strategic buyer or fund across the table has done this many times; for most shareholders it is their first and only deal.
The hidden cost
When managing the process fills the founder’s time, operations suffer; figures that slip during due diligence feed straight into the price.
We explain why the price agreed in the offer differs from the amount paid at closing in our article on value leakage in M&A.
Why Choose Anatrica Partners to Sell Your Company?
Anatrica Partners is a boutique advisory firm that brings together its founders’ decades of corporate experience at leading Turkish companies and its international network, particularly its connections across the Türkiye–Africa corridor.
We represent the selling shareholder only. We have no interest on the buy side; every decision is aimed at selling the company at the highest value and on the best terms.
We build a dedicated approach for each mandate. A senior team runs the process, and your point of contact stays the same from the first meeting to closing.
An experienced team that includes professionals licensed by the Capital Markets Board of Türkiye (SPK) in Capital Markets Activities and Credit Rating. We run DCF, multiples and precedent transaction analysis in line with international standards and prepare the valuation as a tool for the negotiating table.
We reach domestic and international financial and strategic buyers. Our Türkiye–Africa corridor relationships bring buyer groups to the table that most processes never reach.
Through NDA management, staged disclosure and data room discipline we prevent word of the sale from spreading in the market.
The weight of our fee sits in the success fee paid only at closing; as the price rises, we both gain.
Sell-Side Advisory FAQ
The questions shareholders ask most often before deciding to sell. For more, see our company sale FAQ.
When is the right time to sell my company?
Usually when the company looks its strongest. Going to market when profitability is stable, growth potential is clear and sector multiples are supportive has a positive effect on valuation.
Should I sell the whole company or bring in a strategic partner?
It depends on your objective. If you are planning a full exit, a 100% sale may be right. If you want to grow, enter new markets or accelerate institutionalisation, bringing in a strategic partner through a minority or majority stake sale may be the better model. In growth financing the aim is not to hand over the company but to build the right capital structure to grow it.
How does the company sale process work?
The process consists of valuation, sale strategy, preparation, buyer list, teaser and information memorandum, confidentiality agreements, first meetings, bid collection, letter of intent, due diligence, agreements and closing.
How long does a company sale take?
For a prepared mid-market deal, 6–12 months from the first meeting to closing. The longest stages are usually buyer outreach and due diligence, each taking 6–10 weeks.
How are potential buyers found?
We identify the most suitable buyer profiles using sector networks, investor databases, lists of financial and strategic investors, and our domestic and international relationships.
How do you present my company more strongly to buyers?
We tell the company’s story as a well-structured investment case: first a short, anonymous teaser, then a comprehensive Information Memorandum with financial, operational and strategic information for serious buyers.
What is the difference between a teaser and an Information Memorandum?
A teaser is a short summary used to gauge buyer interest without revealing the company’s identity. The Information Memorandum (IM/CIM) is the main marketing document, shared after a confidentiality agreement is signed, that describes the company in much greater detail.
How do you determine my company’s value?
We consider financial performance, growth potential, sector multiples, precedent transactions and cash flow projections together, so you negotiate from a data-driven price range rather than an emotional one. Details: business valuation.
Company/Share Sale Consultancy Request Form
Call us at +90 212 706 72 58 or fill out our form, and we will get back to you as soon as possible.