What actually happens in the first two weeks of a buy-side acquisition mandate
- Think Acquisition Team
- May 7
- 2 min read
Have you ever wondered what actually happens in the first two weeks after you sign a buy-side mandate? The honest answer: mostly research. It is the part of the process clients see least, and the part that determines almost everything that follows.
If your target list is wrong, your outreach response rate is irrelevant. If your target list is right, an average response rate converts into actual conversations, and conversations into actual acquisitions. That is why we spend two weeks on buy-side acquisition research UK before sending a single message.
What the numbers look like at Think Acquisition
Across the mandates we run to date:
Average approved acquisition targets per client: 174
Lowest we have ever delivered: 45 (a commercial surveying firm with a targeted focus)
Highest: 289 (Multi-region estate and letting agency)
The starting dataset before filtering is four to five times larger than the final list
A software-generated list of 1,000 names is not the same as 174 approved targets. The work is in the subtraction.
The five-stage filter every business passes through
Sector and service match. Lettings, block management, holiday let, estate agency, and surveying. We cut anything not actually relevant to the client's criteria.
Size match. Est. Revenue, managed units, headcount, public KPI's. The business has to be within our clients' budget and capabilities.
Geography. Cities, regions or national, depending on the brief. i.e. larger businesses may work out of area; however, bolt-ons must be within a suitable distance.
Companies House check. Latest filings, financial trajectory, changes of control, signs of distress. Information you need before contact, not after.
PR check. Recent news, sector press, public commentary. Mergers, disputes, succession announcements all change whether and how to approach.
A real person reviews every name
Software produces lists and AI is getting great at filtering but... It is much less good at the small judgment calls that separate a strong target from a marginal one. Is the firm genuinely independent? Has the founder signalled an exit, or are they two years into a five-year plan? Does the operating reality match the filings? Are the team members in-house or outsourced?
Through the filters, every remaining company is reviewed by a member of our team before joining your approval list. Nothing reaches outreach until the client has signed it off.
Why is this the most important fortnight of the mandate
Two weeks of research at the start is what allows the next ten weeks to be productive. The list shapes the outreach, the outreach shapes the conversations, and the conversations shape the deals.
If you are evaluating a buy-side provider, the question to ask is not how many companies they will put in front of you. It is how those companies will be selected, who will review them, and what will be filtered out before they reach you.
Contact
If you are actively looking to acquire in the property services sector, register your acquisition criteria with us for a confidential conversation about how a properly researched target list could shape your next campaign.
T: 02920 025 852
