Glossary of Succession Terms

This glossary is for anyone working in UK-regulated financial-planning business interested in or experiencing either internal succession or external sale of their business, or those acquiring a UK-regulated financial planning business.

M

Maintainable Earnings
The level of earnings reasonably expected to continue after the transaction.

Material Adverse Event/Change
A serious event during the Interim Period that may give the Buyer a right to terminate, subject to the negotiated definition and exclusions.

Management Accounts
Prepared monthly, quarterly or half yearly. There is no legal requirement to prepare these but, they are reflective of a well managed business.

Materiality Threshold
A threshold below which matters may be excluded from due diligence reporting.

MBO
A management buyout.

Measures
Changes contemplated in relation to transferring employees that may require information and consultation.

MIFIDPRU
The FCA prudential sourcebook applicable to many UK investment firms.

MIPRU
The FCA prudential sourcebook applicable to certain firms, including some insurance intermediaries and mortgage firms.

Multi-Platform Environment
The use of multiple platforms across legacy firms.

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