The Other Reason Owners Decide to Sell

The Other Reason Owners Decide to Sell

In 2012, Randy Ambrosie was hired to run 3Macs, a Montreal-based wealth management firm with $4 billion in assets under management at the time.

Ambrosie set about re-energizing the culture of 3Macs, a business that has been around longer than the country of Canada itself. He made three tuck in acquisitions and grew the business to $6 billion in assets.

But all was not well in Montreal.

By 2016, the firm’s partners were worried that 3Macs had under-invested in technology, making it harder for them to compete in an industry where expenditures on regulatory compliance and combatting cybercrime were far outstripping revenue growth. Ambrosie convinced his partners it was time to get out.

In this episode, you’ll learn: 

  • The definition of a tuck-in acquisition and how Ambrosie structured his acquisitions
  • How Ambrosie used his size in a negotiation (he played professional football weighing 275 pounds at 6’4)
  • How Ambrosie measured the cultural fit of the companies he acquired
  • The definition of an accretive acquisition
  • The biggest reasons acquisition deals fall apart
  • How Ambrosie corralled more than 100 shareholders into accepting Raymond James’ acquisition offer
  • The one concession Raymond James agreed to which made the deal tenable for 3Macs

Listen now