Acquisition Finance in 2026: Lending Appetite, ABL vs Term Loans, and Structuring Your First Deal | Sean HighlandHost Charlie Tanner welcomes Sean Highland to the Acquisition Collective Podcast to discuss SME lending and acquisition finance. Sean, a chartered accountant with decades of experience structuring and restructuring debt, explains why lenders are currently nervous, highlights stress in the UK bridging market, and contrasts lender downside focus with buyer upside goals. They cover asset-based lending timelines and limits (debtors, plant, property LTV), term-loan expectations (deposits, rates, longer completion cycles), and why sub-£1m deals and management buy-ins can be hard to fund. Charlie shares lessons from his construction acquisitions and exits, emphasizing seller motivation, realistic valuation, forecasting, working-capital buffers, and avoiding excessive leverage. The episode also addresses deferred consideration, tax diligence, covenant risk, and how to present credible, risk-aware proposals to lenders.00:00 Podcast Welcome00:28 Meet Sean Highland02:02 Lending Market Nerves02:56 Property Lending Reality05:30 From Property to M&A06:41 Seller Motives and MBOs08:48 How Lenders Think11:45 Asset Based Lending Speed13:07 Deal Timelines and Rates15:51 Buying Property with Options18:49 Sub Million Lending Gap20:23 MBI Pushback and Focus24:10 Owner Life and Burnout29:05 Exits and Operator Incentives33:22 Forecasting as a Must37:00 Playing the Lender Game39:32 Post Acquisition Cash Buffer42:23 Over Leverage Horror Story43:37 Strike Kills Cashflow44:36 Why Deferred Consideration Exists47:13 Tax Due Diligence Traps49:59 Lender Mindset Exit Plans51:22 Leverage Limits And Reality54:37 What Lenders Need To See56:27 First Deal Without Experience01:00:05 Creative Funding And Angels01:02:55 Build Up With Small Acquisitions01:07:26 No Perfect Deal Add Value01:11:58 Broker Listings And Negotiation01:19:49 Goldfinch Finance And Ethics01:23:05 Credit Tightening Reality01:23:37 Asset Lending After 200801:25:55 Invoice Finance Pitfalls01:27:45 EBITDA Loans Explained01:30:17 Covenants Seasonality Risk01:32:41 Working Capital Nonnegotiable01:34:17 HoldCo Long Term Vision01:36:08 Sharing Equity With Sellers01:39:43 Broker Fees And Retainers01:52:15 No Money Down Myth01:53:49 Distressed Deals Brutal Truth01:57:56 Goldfinch Plans And Outlook01:59:34 Cautious Lending Market02:01:38 Closing Thoughts Farewell

Power Dialogue & Deal Flow in M&A: Des Vadgama on Selling, Off-Market Deals, and Why Most Buyers Don’t ExecuteHost Charlie Tanner welcomes Des Vadgama to discuss sales, deal flow, and “power dialogue” in the M&A and acquisition space. Des shares how he began in 1990s London promoting Tony Robbins seminars, then promoted Dan Peña events in the UK pre-internet, before moving into early internet marketing that combined online traffic with inbound phone calls. They compare Robbins’ holistic personal development focus with Peña’s wealth-centric approach and discuss the ongoing importance of phone conversations, rapport, and quality targeting over volume. Charlie reflects on specializing by niche in brokerage and the sacrifices of scaling businesses, while both note many aspiring buyers are “talkers” who consume content but avoid action. Des explains power dialogue as multi-step conversations that drive decisions, emphasizing discovery questions, understanding seller priorities, and building direct off-market relationships beyond brokers.00:00 Podcast Welcome01:19 Des Origin Story02:12 Phone Sales Basics07:29 Rapport Over Volume10:41 Niche Focus In M&A13:35 Dan Pena Era20:21 Gurus And Action23:04 Exit And Sacrifice29:40 Talkers Vs Walkers46:13 Deal Flow And Dialogue49:23 Event Lessons Learned50:19 Starting Deal Dialogues53:29 Calling Owners and Gatekeepers57:30 Deal Flow Targets and Capacity01:00:39 Off Market Outreach Tactics01:02:08 LinkedIn Versus Letters01:09:08 Broker Industry Reality Check01:13:15 Power Dialogue Framework01:17:56 Questions That Move Deals01:25:38 Structuring and Acquisition Myths01:35:03 Building Great Deal Rooms01:37:57 Wrap Up and Next StepsDes Vadgama Contact details+44 7973 615564https://www.linkedin.com/in/desvadgama/

Why You Need an M&A Lawyer: Creative Deal Structures, Fees, and Choosing the Right Advisors | Natalie Knight WickensHost Charlie Tanner speaks with M&A lawyer and Spencer West partner Natalie Knight Wickens about what M&A lawyers bring to transactions and why having one is essential. Natalie outlines her 20-year career advising buyers and sellers, plus her roles as a non-executive director, former audit committee chair at HFL Education, chair of school governors, and co-owner of Ave Estate Company. They discuss March as a peak deal month, why deals with more cash on day one close faster than deferred payments, and how buyers can make offers attractive through vision and legacy, while using legally safe structures like charges over assets/shares, earnouts, consultancy arrangements, and equity at group level. Natalie shares pathways into M&A law, the importance of persistence and social media, and tips for choosing advisors: transparent fees (often fixed), clarity on who runs the deal, avoiding excessive team billing, and using M&A-experienced accountants and tax specialists to manage due diligence, earnout risk, and tax planning.00:00 Podcast Welcome00:52 Meet Natalie Wickens01:53 Board Roles Beyond Law03:17 March Deal Rush04:42 Creative Deal Structures08:47 Broker Jargon Problems11:09 Becoming an M&A Lawyer14:43 Social Media For Lawyers17:10 Acquisition Collective Events22:52 Growing Reach This Year25:24 Brokers vs Lawyers26:12 No Money Down Myth27:25 Shopping Around Pros29:44 Picking the Right Lawyer32:17 Corporate vs Independent34:38 Accountants for M&A37:18 Tax Planning After Exit39:23 Day Two Reality Check41:43 Buying Simple Businesses42:27 Unsexy Businesses Boom43:35 Events and Wrap Uphttps://www.linkedin.com/in/natalieknight-wicken/@frocksinthedock