Consulting / Ownership Transitions
Structure for when ownership changes.
Advisory for partner buyouts, GP liquidity, founder and family transitions, and recapitalizations of real estate and operating businesses.
The approach
A transition starts with numbers both sides can accept.
We build the valuation and waterfall analysis, test what the capital structure can support and arrange the debt or equity that funds the change.
Macallan structures the transaction and arranges the capital. We do not provide buyout or liquidity capital directly.
Typical situations
- Partner buyouts
- GP liquidity events
- Founder succession
- Family ownership changes
- Management buyouts
- Portfolio splits
What we do
Planning and funding the change.
Transitions touch control, cash flow and relationships at once, so the structure has to work for everyone who stays.
Partner Buyouts
When one partner wants out, the remaining owners need a price, a structure and the capital to pay for it. We value the interest, test how much new debt or equity the asset or company can support, and arrange the financing. Lender consents and governance changes are handled in parallel so the buyout can close without disrupting the existing loan.
GP Liquidity and Recapitalizations
Sponsors sometimes need to take liquidity, bring in a new partner or reset an ownership structure that no longer fits the asset. We structure GP recapitalizations, new LP equity and refinancings that return capital while keeping the sponsor in control, and model how each option changes the waterfall for every party involved.
Founder and Family Transitions
Family-held real estate and closely held companies often change hands between generations, partners or managers. We help owners plan the transition, value the business and its real estate, and finance a family or management buyout through bank, SBA or seller financing. Separating the real estate from the operating company is often part of the answer.
Valuation and Waterfall Analysis
Every transition negotiation starts from a set of numbers. We build the valuation of the asset or company, model the distribution waterfall under each structure being considered, and show each party what they would receive. A shared analysis tends to shorten negotiations and reduce the disputes that stall a transition.
Discuss a transition
Start with the objective of each party.
We will help frame the options and the capital each one would require.