CONFIDENTIAL BY DEFAULT · EVERY ENQUIRY, EVERY TIME FOR INVESTORS →
For owners considering succession

Sell once, to someone who intends to keep it.

Every business changes hands eventually. When yours does, it should go to a buyer who will hold it, run it well, and keep your name good. Not a buyer on a five-year clock, and not a competitor after your customer list.

A principal buyer, not a broker Replies within two business days Funding confirmed in writing before exclusivity No fee, no obligation
Verify us

Check us before you trust us.

This would be our first acquisition, and it is the only thing about us you cannot check in writing. Everything else you can, before you commit to anything. Here is the standard we hold ourselves to. Hold every buyer who calls you to the same one.

What we put in writing
Our funding position before you grant exclusivity: the equity confirmed and by whom, the debt approved and by whom, and the lawyer who will run the completion. Unprompted, in writing, with names on it.
What to demand of every bidder
The same three documents, from everyone who calls you, including the buyer with twenty deals behind him. Set the deadline yourself. Then see who sends all three, who sends one, and who explains why the question is unusual.
Where the money is
Our own capital goes in first. Senior debt of roughly two times EBITDA is arranged on the company. The balance is equity from co-investors, confirmed in writing before heads of terms are signed.

If that confirmation is not in place, you hear it before you sign, not after.

Our letter to owners

Before the pitch, the truth.

You likely receive five emails a week from people who claim to want your company and know nothing about it. This is what we actually believe, signed with a name.

To the owner of a good company

You built something that works. Customers renew, people stay, the numbers hold. That did not happen by accident, and it does not survive a careless handover.

I have also sold a company I built, to a private equity buyer, with one customer accounting for most of the revenue. I know what the last month of that feels like, and I know which questions I wish someone had told me to ask earlier.

We are not a blind-pool fund. There is no five-year clock forcing a sale, and no interest in stripping what you built for parts. On each deal we put our own money in first, then invite a small group of co-investors on the same terms. We buy one company at a time, and we run what we buy.

If we make you an offer, it will be in writing, with the whole structure set out plainly, and we will not retrade it on the courthouse steps. If your company is not for us, we will tell you on the first call and explain why. That costs you twenty minutes, not six months of diligence.

Years pass, markets change, every business is eventually handed on. When you are ready, this year or in five, we would like to be the call you make.

Mihael Skoda
Founder · Skoda Capital
Know your buyer

Three kinds of buyer will call you.

Each is legitimate. Each wants something different from your company. Know the difference before you sign anything, including with us.

Swipe the table sideways to compare
What matters
PE fund
Strategic buyer
Skoda Capital
HOLD PERIOD
3 to 5 years, then resold
Absorbed into the parent
Held with no planned exit
YOUR TEAM
New management layer
Redundancies likely
Kept, led, promoted
CONSIDERATION
Earn-outs, rollover equity
Stock, staged payments
Mostly cash at completion
WHO DECIDES
Investment committee
Board & integration office
One principal, backed deal by deal
YOUR NAME
Rebranded at exit
Folded into theirs
Stays on the door

A generalised comparison. Take advice on any specific offer, including ours.

What we buy

A narrow box, honestly drawn.

We look at hundreds of companies to buy one. If yours sits in the box, we move quickly. If it doesn't, we will say so on the first call, and where we can, point you toward a better-suited buyer.

Slightly outside the ranges? Still write. Durable economics and an honest situation matter more than a clean fit on every line.

Revenue€5–25m
EBITDA€1–5m · margin >12%
History10+ years trading
GeographyUnited Kingdom & EU
SituationSuccession · retirement
SectorsManaged IT / MSP · technical trades
The process

Twelve weeks, four milestones.

Most sale processes die of drift. Ours has dates. At every stage you know what we have seen, what we think, and what happens next.

DAY 1

The call

Twenty minutes. You describe the business; we say plainly whether it fits. No documents needed.

DAY 10

Terms in writing

After an NDA and three years of accounts: an indicative offer in writing with our reasoning shown.

WEEK 6

Signed terms

Heads of terms signed; confirmatory diligence runs in parallel, scoped tightly, with your advisers.

WEEK 12

Completion

Funds on the day, with the equity committed and the debt credit approved before heads of terms are signed. Then a handover at your pace. Months where you want them, not years in golden handcuffs.

The whole process, from first call to funds: about twelve weeks. Your staff hear it from you, on your timing.
Begin with the call
The failure cases

What can stop this.

Deals of this size die for three reasons. Any buyer who will not name them has not thought hard enough about your downside to deserve a day of your time.

Diligence
Confirmatory diligence finds something material that was not in the accounts. Usually customer concentration, or a liability nobody recorded.
Debt terms
Lending terms move between heads of terms and completion. Our offer is subject to debt on the terms shown in the first written offer, and to nothing you cannot see.
You change your mind
An owner decides, late, that they do not want to sell after all. That is your right, and we will not make it uncomfortable.
Not a reason
Us failing to find the money. Investor commitments are confirmed in writing before we sign, so the deal is never waiting on a raise.
If we walk away after heads of terms
  1. You keep every document we produced.
  2. We destroy your data on request, in writing.
  3. We pay our own costs.
  4. You get one call, and a written explanation you can take to the next buyer.

And we will not ask you to tell your staff anything before completion is certain.

After completion

What stays. What changes.

Stays
The name on the door, and the reputation behind it
Your people, with promotion paths that no longer bottleneck at the owner
Customer relationships and the terms they trust
The standards: quality, safety, and the way you treat suppliers
Changes
The risk is off your balance sheet, and your house is no longer the collateral
Investment decisions get made in weeks, not at the next board cycle
Cash is split between reinvestment, debt service, and an annual distribution, on a policy we show you in writing
Succession is settled. Managers know who owns the company in ten years
You choose your involvement: a board seat, a handover, or a clean goodbye

If we make you an offer, it will be in writing, with the whole structure set out plainly, and we will not retrade it on the courthouse steps.

From our letter to owners
Questions owners ask

Asked plainly, answered plainly.

A multiple of sustainable EBITDA, adjusted for net debt and normal working capital. For companies our size the market clears in a known range, and we will show you where you sit in it and why, including the adjustments. If another buyer offers meaningfully more, take it with our blessing; overpaying quietly and clawing it back in terms is not our trade.
We do not use performance earn-outs. Your price will not depend on targets set by the people who take over running your company. Most of the consideration is paid in cash at completion. Where part of it is deferred, usually a seller note at an agreed rate of interest, or a small holdback against a specific risk we have both identified, that is set out in the first written offer rather than introduced late. You will know the full structure before you sign anything.
Usually your existing managers, properly backed. Often the first real question they have been asked is what they would do with capital to invest. Where a gap exists we recruit for it during the handover, with your help. What we do not do is parachute in a fund-appointed CEO with a two-year bonus plan.
A mutual NDA before any numbers change hands. No approaches to your staff, customers, or suppliers without your written say-so, ever. We are one small team, not a deal desk. The number of people who will know your company is for sale is the number you can count on one hand.
Yes. The best transitions start years early. We will tell you honestly what buyers will pay for, what they will discount, and what to fix while there is still time: customer concentration, owner dependence, the messy cap table. That advice is free and comes with no obligation; some of our best conversations closed three years after the first call.
Gladly. Intermediaries get a straight answer within two business days of a teaser, direct access to the decision-maker, and a buyer who does not retrade. Send opportunities to [email protected]. What we commit to intermediaries is set out under For advisers and brokers.
For advisers and brokers

Qualify us in one read, then hold us to it.

You screen buyers for one thing: can they sign, fund, and close without retrading. Here is what we commit to, so you can decide without a call.

What you get from us
A yes or no on any teaser within two business days, from the person who decides
We will not approach your client outside your process, at any point
Our funding position in writing before you grant exclusivity: the equity confirmed, the debt approved, and by whom
Published fit criteria, so you can screen us as fast as we screen you
What we will not pretend
We have not completed an acquisition yet. Price that, do not guess at it, and hold the other bidders to the same disclosure.
Fees are a matter for you and your client. We will not offer a side payment to be shown a deal.
If a company does not fit, you get the reason, not a slow no.
Send opportunities to [email protected]. Fit criteria are published above.
Send a teaser
In confidence

Twenty minutes. A straight answer.

Write a few lines about the business. No documents, no valuations, no commitment. You will hear back from Mihael personally within two business days.

Prefer email? [email protected]
Advisers & brokers: [email protected]
Or message Mihael on LinkedIn
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