The Deal Room
Episodes
[EP 210] Buying or Selling a Medical Practice: What accountants want you to know? (Part 2)
07 Jun 2022
Contributed by Lukas
We are back with the second half of our two-part series with Brendan Campbell, Director of the Business Services and Taxation Group of Prosperity Advi...
[EP 209] Buying or Selling a Medical Practice: What accountants want you to know? (Part 1)
03 Jun 2022
Contributed by Lukas
When you opt for an acquisition or exit strategy in the medical profession - what are the key considerations? What does your accountant wish you knew?...
[EP 208] Podcast Replay: Kerry Boulton on Management Buyouts and Having an Exit Plan
24 May 2022
Contributed by Lukas
In this episode of The Deal Room podcast, we feature a replay of an episode where we talk to Exit Strategist and CEO of The Exit Strategy Group, Kerry...
[EP 207] Trap alert: Watch out for these mistakes in Terms Sheets and Heads of Agreement
05 May 2022
Contributed by Lukas
Today we are joined by Paula Tallon, Tax Director at Prosperity Advisors group. Together, Paula & Joanna run through traps in deal term sheets that ar...
[EP 206] Getting Tax Right at Exit (and what can go wrong if you don’t.)
28 Apr 2022
Contributed by Lukas
In this episode, Chartered Accountant Nigel D’souza from ADX Accountants joins us to talk about common red flags when planning to sell your business...
[EP 205] Key Takeaways and Buy Grow Sell Summit highlights with Joanna Oakey & Simon Bedard
11 Apr 2022
Contributed by Lukas
In this episode of The Deal Room Podcast, Joanna Oakey catches up with fellow Summit Co-Host Simon Bedard of Exit Advisory. Now that the ‘Summit dus...
[EP 204] Podcast Replay: The inside story from an aggregator: how to drive transaction success with Peter Hughes
30 Mar 2022
Contributed by Lukas
In this podcast replay, we talk with one of our clients, Peter Hughes from Kikada Lane Dental, to bring you a different take on aggregation models, an...
[EP 203] Why doing business ‘for good’, is so good for business, with Paul Dunn
16 Mar 2022
Contributed by Lukas
In today's episode, we talk to the legendary Paul Dunn from B1G1 on why the movement of business for good, is so good for business. He and our hos...
[EP 202] Maximising the Value of a Recruitment Business in 2022
11 Mar 2022
Contributed by Lukas
In this episode, we talk to one of our favourite serial guests, Rod Hore of HHMC Global. Today we delve into hot new trends & how to maximise the valu...
[EP 201] Protecting Your Sale: Cutting-edge insurance in buying and selling businesses
25 Feb 2022
Contributed by Lukas
This week, we are joined by our expert panel from our very own Aspect SME Insurance division, Meena Wahi, Angus Marshall and Joe Perrett who are speci...
[EP 200] Podcast Replay: Conversations at the Coalface: How to grow your business (or practice) through acquisitions
10 Feb 2022
Contributed by Lukas
In this episode of The Deal Room podcast, we feature a replay of one of our most loved podcast episodes. We have brought in one of our serial guests, ...
[EP 199] Podcast Replay: Start-Up To $60M – Greg Savage on Fast Growth, Acquisitions, IPOs and Management Buyouts
02 Feb 2022
Contributed by Lukas
In this episode of The Deal Room podcast, we feature a replay of one of our most listened to podcast episodes. Today’s replay is an episode with Gr...
[EP 198] Tips for buying and selling financial planning practices
26 Jan 2022
Contributed by Lukas
In this episode, we talk to Steven Fine who is the Managing Director of Growth Focus. Today, we are talking all about the top considerations when buyi...
[EP 197] Podcast Replay: Secrets from the Inside – the top areas of insight from 30 years at the coalface
19 Jan 2022
Contributed by Lukas
In this episode of The Deal Room podcast, we feature a replay of one of our most downloaded podcasts. In this episode, we talk to Allan McKeown, the f...
[EP 196] The top 5 mistakes businesses make selling an accounting practice
10 Jan 2022
Contributed by Lukas
In this episode, we talk to the Managing Director of Growth Focus, Steven Fine, about the top 5 mistakes businesses make selling an accounting practi...
[EP 195] Going From Zero to Small Business Hero part 3
16 Dec 2021
Contributed by Lukas
In the final instalment of Going From Zero to Small Business Hero. we return with Mike Davis. In this episode, we discuss Mike’s lessons learned, wh...
[EP 194] Going From Zero to Small Business Hero part 2
26 Nov 2021
Contributed by Lukas
We continue with the second part of this three-part series, where we talk with Mike Davis, a client of Aspect Legal who has been on an interesting jou...
[EP 193] Going From Zero to Small Business Hero part 1
22 Nov 2021
Contributed by Lukas
In this three-part series, we talk with one of our clients, Mike Davis. Mike is an Electrical Engineer who has been on an interesting journey for the ...
[EP 192] How automation tripled my broking business, and how it can triple yours
06 Nov 2021
Contributed by Lukas
Welcome to another episode of The Deal Room podcast. In this episode, we talk to Steven Fine who is the Managing Director of Growth Focus. We talk all...
[EP 191] Podcast Replay: Using Put and Call Options in M&A transactions
15 Oct 2021
Contributed by Lukas
In this episode of The Deal Room podcast, we feature a replay of one of our most popular podcasts. We discuss using put and call options in M&A transa...
[EP 190] Selling and Buying Businesses in a Pandemic Part 2
08 Oct 2021
Contributed by Lukas
We return with Part 2 of Selling and Buying Businesses in a Pandemic, with Zoran Sarabaca of Xcllusive Business Brokers. In this final episode, Zoran ...
[EP 189] Selling and Buying Businesses in a Pandemic Part 1
30 Sep 2021
Contributed by Lukas
Welcome to a two-part series of The Deal Room podcast, discussing how to sell businesses during a pandemic. In this first episode, Zoran Sarabaca of X...
[EP 188] How to identify the logical buyer for a business and top tips for an effective sale
02 Sep 2021
Contributed by Lukas
In this episode of The Deal Room podcast, we talk to Ian Jones (co-owner, founder, and director of Merchant Business Brokers) about how to identify th...
[EP 187] How to buy distressed businesses
28 Aug 2021
Contributed by Lukas
In this episode of The Deal Room, Joshua Taylor (Managing Director of Taylor Insolvency) shares some important insights and warnings when buying a bus...
[EP 186] Tax at Exit – tips, traps and the importance of proper planning part 2
20 Aug 2021
Contributed by Lukas
In part 2, Paula and our host Joanna Oakey share stories from the coalface - where tax planning has led to excellent tax outcomes (often ending in ze...
[EP 185] Tax at Exit – tips, traps and the importance of proper planning part 1
14 Aug 2021
Contributed by Lukas
For most business owners their most valuable asset is their business - but how do you maximise the value you can extract out of your business at exit?...
[EP 184] How to save a deal when things go wrong
05 Aug 2021
Contributed by Lukas
In this episode of The Deal Room, we speak with Ian Jones (co-owner, founder, and director of Merchant Business Brokers) about how to save a deal when...
[EP 183] The secrets to success in selling businesses part 2
29 Jul 2021
Contributed by Lukas
Today’s episode is the second and final episode discussing the Secrets to Success in Selling Businesses with Nikki Katz. This time, we dig into the ...
[EP 182] The secrets to success in selling businesses part 1
22 Jul 2021
Contributed by Lukas
Welcome to another great two-part series, this time with the fabulous Nikki Katz. Nikki and our host Joanna Oakey discuss the secrets to successfully ...
[EP 181] Winning tactics for business brokers
08 Jul 2021
Contributed by Lukas
In this episode, Brian Wilson of Aro Software and our host Joanna Oakey share effective tactics for business brokers in winning clients and finding bu...
[EP 180] A case study on how to build a business to sell – and other gold nuggets with Kobi Simmat Part 2
04 Jul 2021
Contributed by Lukas
Today’s episode is part two of a great two-part series with Kobi Simmat of Best Practices Biz, who so graciously shares his own experiences and insi...
[EP 179] A case study on how to build a business to sell – and other gold nuggets with Kobi Simmat Part 1
26 Jun 2021
Contributed by Lukas
Welcome to part one of a valuable two-part series with the founder and CEO of Best Practice Biz, Kobi Simmat. Kobi and our host Joanna Oakey discuss t...
[EP 178] Legal Matters to Consider Along the Path to Purchase
18 Jun 2021
Contributed by Lukas
In this episode, we talk to Sally Stuart of LINK Business Broking New South Wales and Michelle Tayler of Marketing Practices talking about the legal p...
[EP 177] Using Shares as a Talent Retention Strategy, and Their Impact to the Business at Exit
04 Jun 2021
Contributed by Lukas
In this episode, we talk to Rod Hore of HHMC Global all about using shares as a talent retention strategy in professional service businesses and how t...
[EP 176] Why doing a deal is like “Married at First Sight”
24 May 2021
Contributed by Lukas
In this episode, we have Aspect Legal’s Claire Bibby on board to talk about why doing an M&A deal can be a bit like an episode of Married at First S...
[EP 175] Traps to Avoid When Buying or Selling a Business With Intangible Assets
15 May 2021
Contributed by Lukas
In this episode, we return with our serial guest Robyn Purdy from Aspect Legal, who will talk all about assets, specifically, intangible assets. We si...
[EP 174] The Value of Warranties and Due Diligence For Both Buyers and Sellers
29 Apr 2021
Contributed by Lukas
In this episode, we talk to Aspect Legal’s very own Claire Bibby about the crossroads between warranties and due diligence. This is such an importan...
[EP 173] Finding a buyer: A broker’s secrets to sourcing strategic buyers without ads
22 Apr 2021
Contributed by Lukas
In this episode, we talk to Steve Finn, Director and Co-Founder of The Finn Group. He and our host Joanna Oakey tackle the secrets of a top broker on ...
[EP 172 ] Evaluating and Maximising Acquisitions in the Medical, Dental, and Allied Health Practices Part 2
15 Apr 2021
Contributed by Lukas
Continuing our two-part interview with Ami, in this second and last episode, we drill into acquisitions for medical, dental, and allied health practic...
[EP 171] Evaluating and Maximising Acquisitions in the Medical, Dental, and Allied Health Practices Part 1
10 Apr 2021
Contributed by Lukas
In this 2-part series, we have onboard Ami Assigal of Marketing Practices talking about conducting due diligence in acquisitions, evaluating a practic...
[EP 170] Common issues for vets: going into (or acquiring) a business with someone else
01 Apr 2021
Contributed by Lukas
In this episode, we talk to Paolo Lencioni from APL Accountants about the most common issues that occur when going into business with someone in the v...
[EP 169] Dos and Don’ts in Dealing With Disappointing Deals
25 Mar 2021
Contributed by Lukas
In this episode, we talk to Simon Bedard of Exit Advisory about the various reasons why business owners can often be disappointed at exit. We see busi...
[EP 168] Tips and Tricks with Shareholders Agreements
11 Mar 2021
Contributed by Lukas
Today, we have on board Aspect Legal’s very own Claire Bibby to talk about the importance of having shareholders’ agreements, some of the most co...
[EP 167] Lessons learnt from doing deals in the time of COVID, and what the future looks like for mid-market M&A
05 Mar 2021
Contributed by Lukas
In this episode, we talk about the acquisition of shares in a private company and the main things to consider when you are buying only a parcel of sha...
[EP 166] Buying shares in a private company – the things to consider
18 Feb 2021
Contributed by Lukas
In this episode, we talk about the acquisition of shares in a private company and the main things to consider when you are buying only a parcel of sha...
[EP 165] Understanding IP ownership traps in exits and acquisition
11 Feb 2021
Contributed by Lukas
In this episode, we are talking all about understanding Intellectual Property (IP) ownership traps in exits and acquisitions. If IP forms a significan...
[EP 164] The inside story from an aggregator: how to drive transaction success part 2
28 Jan 2021
Contributed by Lukas
In this 2 part series, we talk with one of our clients, Peter Hughes from Kikada Lane Dental, to bring you the real story of being in the middle of a ...
[EP 163] The inside story from an aggregator: how to drive transaction success part 1
20 Jan 2021
Contributed by Lukas
In this 2 part series, we talk with one of our clients, Peter Hughes from Kikada Lane Dental, to bring you a different take on aggregation models, and...
[EP 162] Acquiring Medical and Allied Health Practices – building the post-acquisition marketing plan
13 Jan 2021
Contributed by Lukas
In this episode, we talk all about building a post-acquisition marketing plan when acquiring Medical and Allied Health Practices. To dig into this top...
[EP 161] Tips and traps in Selling (or Buying) an Accounting Practice Part 2
31 Dec 2020
Contributed by Lukas
In this second half of our two-part series about the tips and traps in Selling (or Buying) an Accounting Practice, we continue our discussion with Mar...
[EP 160] Tips and traps in Selling (or Buying) an Accounting Practice Part 1
21 Dec 2020
Contributed by Lukas
Welcome to another wonderful two-part series where we talk to Mark Attard from Xcllusive Business Sales talking all about the tips and traps in Sellin...
[EP 159] Term Sheets, MOUs, LOIs and more. What’s the difference? And what to look out for!
02 Dec 2020
Contributed by Lukas
In this episode, we clear up some confusion around the commonly used “Term Sheet” and its many variations. If you have ever wondered what the diff...
[EP 158] The Truth About Building and Selling Your Business
29 Nov 2020
Contributed by Lukas
In this episode, we talk to Tina Tower, a recipient of multiple business awards including Australian Telstra Young Business Woman of the Year, all abo...
[EP 157] Market trends in sales and acquisitions activity for small business
20 Nov 2020
Contributed by Lukas
In this episode, we talk to the fabulous Mary Tamvakologos of Anybusiness all about the current market trends in sales and acquisitions in the small b...
[EP 156] The top legal tips in selling a franchise
12 Nov 2020
Contributed by Lukas
In this episode, Aspect Legal’s Executive Counsel, Nicole Segal comes back to talk all about the top legal tips in selling a franchise. If you are s...
[EP 155] Medical Practices – it’s more than just the numbers
05 Nov 2020
Contributed by Lukas
In this episode, we talk to Larry Green of Xcllusive Business Sales all about Medical Practices and why it's more than just the numbers that count. La...
[EP 154] Why procurement should have a seat at the table in any acquisition
29 Oct 2020
Contributed by Lukas
In this episode, we talk to Jonathan Dutton, an independent management consultant with experience on both sides of the negotiating table - procurement...
[EP 153] Getting Ready for the Golden Age of Business Brokerage
23 Oct 2020
Contributed by Lukas
In this episode, we discuss how business brokers can effectively market their agency or listing and get ready for the golden age of business brokerage...
[EP 152] The top legal tips when buying a franchise
18 Oct 2020
Contributed by Lukas
In this episode of The Deal Room Podcast, we talk to Aspect Legal’s Executive Counsel, Nicole Segal. Nicole together with our host Joanna Oakey will...
[EP 151] The Path to Purchase for aspiring owners of medical, dental and allied health practices
06 Oct 2020
Contributed by Lukas
In this episode, we talk to the fabulous Sally Stuart from LINK Business Broking New South Wales about Path to Purchase, an enriching virtual summit f...
[EP 150] Growth Through Acquisition Series – Strategic Considerations
24 Sep 2020
Contributed by Lukas
Today we are talking with Richard Osmann, the principal of Provanedge Advising and Consulting, on strategic considerations when using acquisition as y...
[EP 149] How to beat the odds and make your acquisition a success
18 Sep 2020
Contributed by Lukas
This episode continues the discussion with Marc Johnstone on beating the odds and making your acquisition a success. We look at what a business should...
[EP 148] Why 3 out of 4 acquisitions fail
10 Sep 2020
Contributed by Lukas
It may seem like the odds are stacked against you if 3 out of 4 acquisitions fail, but in this episode we take a closer look into acquiring for growth...
[EP 147] The mistakes NOT to make when selling your business – a seller’s story
02 Sep 2020
Contributed by Lukas
In this episode, we discuss a real life case of a business sale gone wrong and look at the common mistakes made when selling a business, with Marcus N...
[EP 146] 6 steps to increasing the multiplier of your business
20 Aug 2020
Contributed by Lukas
Today we dive into part one of a three-part series on the multiplier in a business and how increasing this can produce exponential business growth. We...
[EP 145] Sales and acquisitions of Gyms – a fitness industry focus, with Clifford Forster
13 Aug 2020
Contributed by Lukas
In this episode, we talk with Clifford Forster of Universal Business Brokers about the sales and acquisition process within the fitness industry. Clif...
[EP 144] The evolution of AIBB, the Australian Institute of Business brokers, and industry opportunities
06 Aug 2020
Contributed by Lukas
Today we discuss the evolution and benefits of the AIBB - Australian Institute of Business Brokers. We talk with Tony Latessa of Latessa Business Sale...
[EP 143] Why business acquisition is a killer growth strategy Part 2
30 Jul 2020
Contributed by Lukas
Welcome to the second and last half of our two-part series all about the powerful opportunities available for businesses in using mergers or acquisit...
[EP 142] Why business acquisition is a killer growth strategy Part 1
24 Jul 2020
Contributed by Lukas
The power of acquisitions in adding years of growth in a single signature is widely understood by large corporations, who consistently use M&A and bol...
[EP 141] How strong systems and processes lead to great deals
07 Jul 2020
Contributed by Lukas
Clifford Forster of Universal Business Brokers has a prolific business sale brokerage, and in this episode shares with us his knowledge and expertise ...
[EP 140] All about Bizstats – statistics for business valuations
26 Jun 2020
Contributed by Lukas
The Bizstats database is designed for Business Brokers, Business Valuers, Accountants, and Finance Institutions. There have been a number of online bu...
[EP 139] A clear view of the risks and opportunities after COVID
17 Jun 2020
Contributed by Lukas
In this episode, we discuss the serious risks right now for businesses in this new economic environment. We are joined by the fabulous Rod Hore of HHM...
[EP 138] Buying and selling a business during COVID: The Buyer, Seller and Legal Perspective
11 Jun 2020
Contributed by Lukas
It's a panel fight! With buyers, sellers and lawyers in the room, we take a look at the current COVID market and the impact it is having on acquiring ...
[EP 137] “What? My business has no value?” – Turn your unsaleable business into a business with value at exit – Part 2
03 Jun 2020
Contributed by Lukas
Join us as we continue our discussion with Glen Carlson on how to turn an unsaleable business into a business with value at that point of exit.
[EP 136] “What? My business has no value?” – Turn your unsaleable business into a business with value at exit – Part 1
27 May 2020
Contributed by Lukas
Today we talked with the co-founder of Dent Global, Glen Carlson about the moment a business owner realises after spending years building a multimilli...
[EP 135] The serious traps in financing share acquisitions, with Robert Pacella
20 May 2020
Contributed by Lukas
In this episode, we talk with Aspect Legal's very own Robert Pacella about the traps in financing share acquisitions. We discover the common mistakes,...
[EP 134] M&A in Mature Industries – the Print Industry Case Study – Part 2
13 May 2020
Contributed by Lukas
We now reach the second part of our series with Stephen Edwards and Steven Stucci of Transworld North Sydney. We continue our discussion of business s...
[EP 133] M&A in Mature Industries – the Print Industry Case Study – Part 1
06 May 2020
Contributed by Lukas
Welcome to another awesome two-part series of The Deal Room where we talk with Stephen Edwards and Steven Stucci of Transworld North Sydney. Along wit...
[EP 132] The current state of the SME business sales market and buyer demand
03 May 2020
Contributed by Lukas
In this episode with Zoran Sarabaca of Xcllusive Business Sales, we discuss the results of a recent survey on the state of the SME business sales mark...
[EP 131] Foreign investments, the FIRB approval process and changes in the face of COVID
21 Apr 2020
Contributed by Lukas
The COVID-19 pandemic has prompted stronger screening of foreign investment across the globe, so in this episode we have onboard Jo Wright from our ve...
[EP 130] Where to now in the face of COVID?
11 Apr 2020
Contributed by Lukas
With the major hit on the global economy due to the coronavirus, merger and acquisition activity has come to a halt. So for business owners who are pl...
[EP 129] A new tool for assessing sale readiness, with Mark Ostryn
31 Mar 2020
Contributed by Lukas
In this episode, we talk to Mark Ostryn the Director of Strategic Transactions. Mark works in the food & beverage, health & beauty, and technology spa...
[EP 128] Conversations at the Coalface: Why how you deal with staff can make or break a deal
16 Mar 2020
Contributed by Lukas
This week we have another ‘Conversations at the coalface’ episode where our guests have been inside one or multiple acquisitions or exits so they ...
[EP 127] Current Market Trends – SME Business Sales in Melbourne
10 Mar 2020
Contributed by Lukas
In today’s discussion with Denise Hall, we look at some of the market trends that clients of Xcllusive Business Sales have in both strong and strugg...
[EP 126] Growing your business through joint ventures and acquisitions – Part 2
03 Mar 2020
Contributed by Lukas
We are back talking to Edward Chan from Chan & Naylor Accountants. Ed regularly contributes to many widely read magazines and publications across Aust...
[EP 125] Growing your business through joint ventures and acquisitions – Part 1
26 Feb 2020
Contributed by Lukas
In this two-part series, we welcome back one of our favourites, Edward Chan, the Co-founder of Chan & Naylor Accountants. Ed is recognised as one of A...
[EP 124] Valuations and M&A in the vet industry – Part 2
18 Feb 2020
Contributed by Lukas
Welcome back to the second part of our discussion with Anne and Paolo Lencioni on valuations, mergers, and acquisitions in the vet industry. As previo...
[EP 123] Valuations and M&A in the vet industry – Part 1
10 Feb 2020
Contributed by Lukas
Today we speak to Anne and Paolo Lencioni, Founders of APL Accountants. Anne and Paolo are not only experts in accounting but they were both veterinar...
[EP 122] The People Project – maximise the value of your most valuable asset
03 Feb 2020
Contributed by Lukas
In this episode, we talk to the Managing Director of BCI Business Brokers Tony Arena. During his 30 years, Tony has sold or supervised the sale of ove...
[EP 121] Conversations at the Coalface: How to grow your business (or practice) through acquisitions, with Ed Chan – Part 2
27 Jan 2020
Contributed by Lukas
Welcome to the second half of ‘Conversations at the Coalface’ where Edward Chan discusses how to grow your business through acquisitions. Join us ...
[EP 120] Conversations at the Coalface: How to grow your business (or practice) through acquisitions, with Ed Chan – Part 1
16 Jan 2020
Contributed by Lukas
Today we talk to Edward Chan the co-founder of Chan & Naylor Accountants & Wize Mentoring for accountants. Ed provides such great insight into growing...
[EP 119] Top Legal and Tax tips for accountants dealing with clients selling (or acquiring) a business Part 2
07 Jan 2020
Contributed by Lukas
Welcome to the second part of legal and tax tips for accountants dealing with clients selling or acquiring a business with guest speaker Peter Bembric...
[EP 118] Top Legal and Tax tips for accountants dealing with clients selling (or acquiring) a business Part 1
17 Dec 2019
Contributed by Lukas
Welcome to the first of a two-part series full of legal and tax tips for accountants dealing with clients selling or acquiring a business. Peter Bembr...
[EP 117] Moving from Employee to Business Buyer
08 Dec 2019
Contributed by Lukas
In this episode we talk to Hunter Leonard, the founder of Silver & Wise an organisation helping mature individuals looking to buy their first business...
[EP 116] Secrets from the Inside – the top areas of insight from 30 years at the coalface, with Allan McKeown Part 2
27 Nov 2019
Contributed by Lukas
Welcome to the second half of our discussion with the founder and CEO of Prosperity Advisers Group - Allan McKeown. This episode drills into due dilig...
[EP 115] Secrets from the Inside – the top areas of insight from 30 years at the coalface, with Allan McKeown Part 1
18 Nov 2019
Contributed by Lukas
In this episode we talk to Allan McKeown, the founder and CEO of Prosperity Advisers Group who celebrate 30 years of business this year. Today we talk...
[EP 114] My $700k walk to the filing cabinet the first time I was sued as a business agent
07 Nov 2019
Contributed by Lukas
In this episode, we spoke to the Managing Director of BCI Business Brokers, Tony Arena. Tony provides some great case studies and advice to brokers, o...
[EP 113] A case study in how to drive growth in enterprise value – and achieve a 12x multiple!
29 Oct 2019
Contributed by Lukas
In today’s episode we talk to Michael Field, the Sydney-based partner in EvettField Partners about changing the focus of business to pave the way to...
[EP 112] Creating a Business Value That Is Priceless
22 Oct 2019
Contributed by Lukas
In today’s episode we talk to Jonathan Dutton of JD Consultancy about the key strategies in driving value for your business using a real-world case ...
[EP 111] Living through the issues of integration in M&A
17 Oct 2019
Contributed by Lukas
In today’s episode we talk to Mark Vigors about his insights from sitting on the inside of an organisation involved in a merger, and in particular...