A live keynote from Al Zucker on why UK/EU SMB M&A is hitting an inflection point: the seller wave, VC’s post-ZIRP reset, operator-led deals, and pragmatic capital stacks (FOs, private credit, small-cap PE). Real talk, data, and operator takeaways.



What to expect 👇



- Why resilient UK SMBs are coming to market now (succession + policy + macro).



- Venture’s changing math: dispersion, slower DPI, and the funding knock-on.



- Operators → owners: why CFOs/ops leaders are moving into ETA/indie sponsor models.



- Capital options that actually clear: family offices, asset-backed & cash-flow lenders, small-cap PE (with caveats).



- No one-size-fits-all: creativity in structure is a feature, not a bug.



- Culture shift: less hype, more custodianship; sensible prices for real cash flow.





Time Stamps:



[00:10 ] Host intro → Al Zucker 

[00:28 ] Al’s path: big-cap M&A → VC-backed roll-up → restructure → bootstrap search

[01:26 ] Deals done, exits, bolt-ons + legal consultancy: vantage point across the ecosystem

[02:36 ] “Coming of age”: framing by constituencies & problems to solve

[03:25 ] Search fund momentum: headline counts & recent surge

[04:10 ] Seller archetypes (succession, lifestyle, liquidity)

[06:59 ] What they share: Thatcher-era reforms & the SME boom

[08:21 ] Company counts, self-employment, jobs/turnover: long-run shift

[10:00 ] From Big Bang → GFC → ZIRP → 2020s shocks: building resilience

[11:15 ] Two worlds: real-economy builders vs VC/PE wealth effects

[13:05 ] Why venture got harder (rates up);

[13:50 ] Ukraine war anecdote: fundraises freeze, restructurings follow

[15:04 ] Data points: performance dispersion (McKinsey) & slow DPI (Carta)

[17:20 ] AI exception aside, early-stage funding is tighter

[17:43 ] Operators pivot: CFO/ops talent moving to ownership

[19:19 ] Not an MBA caricature: credible operators with track records

[19:38 ] The obvious match: owners seeking succession × operator-buyers

[20:03 ] Even PE folks pivot to facilitate operator buyouts

[21:01 ] Why this is the moment for ETA/indie sponsors

[22:08 ] Capital stacks: FOs, asset/cash-flow lenders, small-cap PE (PPG caution)

[24:21 ] The future: creativity over templates; every balance sheet is different

[25:32 ] Ethos & energy: less hype, more custodianship; special situations exist

[27:13 ] Big-4 view: ecosystem just forming; a BBC-style model could emerge

[27:55 ] From pub meetups to packed venues in 18 months

[28:22 ] Close & Q&A invite



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