Madison Update – 27 February
Commercial in confidence
Today the data room for Madison opened. For those who aren’t familiar with the process, a data room is a secure location which houses a number of documents and information sources to assist potential acquirers to commence due diligence of our licence. This includes (but not limited to) AFSL policies and procedures, financial information, adviser agreements, supplier contracts, head office information and compliance reports (adviser and AFSL). Any information deemed to be sensitive or required to be protected under the Privacy Act will be redacted (blacked out), so it can’t be read/viewed.
Only parties who are seriously interested in acquiring will receive access to the data room and we will have an audit trail of all activity that has occurred. Thus far, I’m aware of 5 parties who have indicated they have signed (or about to sign the confidentiality agreement). The information reviewed will no doubt lead to more questions, demonstrations of systems and interviews with advisers, team members and in some cases, suppliers (to learn about culture and reputation).
Should we receive a request to interview advisers, we will provide as much notice as possible (noting our timeframe is tight). I recently had conversations with the 2 CEOs who wanted to discuss what’s important to advisers, what’s needed to execute our strategy and how do we maintain our culture (I should have sent them to Adelaide!). I’ve been involved in a few due diligence transactions and the focus is predominantly on the numbers. It’s rare to get asked questions about culture, what our community needs/wants and where we see the future (in addition to the numbers). It’s good to hear other CEOs asking similar questions to the ones we ask when you join, and no doubt the questions you asked when you joined Madison.
I’ll send an update of timeline tomorrow, and any further changes that have occurred between now and then.
Sincerely,
Annick
0409 706 963
Madison Update – 27 February
Commercial in confidence
Today the data room for Madison opened. For those who aren’t familiar with the process, a data room is a secure location which houses a number of documents and information sources to assist potential acquirers to commence due diligence of our licence. This includes (but not limited to) AFSL policies and procedures, financial information, adviser agreements, supplier contracts, head office information and compliance reports (adviser and AFSL). Any information deemed to be sensitive or required to be protected under the Privacy Act will be redacted (blacked out), so it can’t be read/viewed.
Only parties who are seriously interested in acquiring will receive access to the data room and we will have an audit trail of all activity that has occurred. Thus far, I’m aware of 5 parties who have indicated they have signed (or about to sign the confidentiality agreement). The information reviewed will no doubt lead to more questions, demonstrations of systems and interviews with advisers, team members and in some cases, suppliers (to learn about culture and reputation).
Should we receive a request to interview advisers, we will provide as much notice as possible (noting our timeframe is tight). I recently had conversations with the 2 CEOs who wanted to discuss what’s important to advisers, what’s needed to execute our strategy and how do we maintain our culture (I should have sent them to Adelaide!). I’ve been involved in a few due diligence transactions and the focus is predominantly on the numbers. It’s rare to get asked questions about culture, what our community needs/wants and where we see the future (in addition to the numbers). It’s good to hear other CEOs asking similar questions to the ones we ask when you join, and no doubt the questions you asked when you joined Madison.
I’ll send an update of timeline tomorrow, and any further changes that have occurred between now and then.
Sincerely,
Annick
0409 706 963