Situation

The seasonal business

Three months of the year produce most of the revenue, and the rest is preparation.

Timing

The market is best approached shortly after the peak. The full cycle is visible, stock is at its lowest and the working capital position is at its most flattering. Approaching the market before a peak invites every candidate to wait and see how it goes.

Stock and cash

Seasonal businesses tie up cash before the season and release it after. Where the transfer falls in that cycle materially changes what the buyer has to fund, and it is one of the few points where timing is worth real money to both sides.

Presenting the record

Monthly figures rather than annual ones, for at least three years, so that the pattern is visible and repeated. A buyer who can see the same shape three times treats it as a season; one who sees it once treats it as a spike.