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Seller Profiles #2 - Benoît Maury, Welyb

Hello Benoît Maury! Could you introduce yourself and the company you sold?

Hello Frédéric, thank you for giving me the opportunity to share my experience, which I hope will be useful for future sellers!

I’m Benoît, I’m 29, and I’m from the Bergerac region in the Dordogne. I founded the company Welyb in 2017 after completing my accounting studies. That experience made me realize that, given the digitalization of businesses, processes and exchanges could be significantly simplified—especially for accountants if they wanted to remain the preferred local advisor for entrepreneurs!

Welyb helps businesses simplify their interactions with their clients. It is a collaborative portal and app that automatically collects company documents (invoices, employment records, etc.) and integrates perfectly with its clients' own tools.

I have been working full-time at Welyb since 2018.

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What led you to sell Welyb?

There were two factors: one personal and one market-related.

On a personal level, I wanted to dedicate more time to projects with a strong social and environmental impact. On the market side, I felt that Welyb was at a turning point: we either needed to raise more capital or join a larger group to gain the resources necessary to face the competition and ensure the company's long-term development. In any case, it wasn't for cash flow reasons, as we had 6 to 7 months of runway ahead of us.

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How did you meet your future buyer?

Through our investment banker, we approached groups that met our criteria.

We weren't exclusively looking for players in the accounting sector, and there were also others positioning themselves in this market at the time. Quite quickly, we received acquisition offers, one of which caught our attention and gave us the opportunity to launch an organized process.

In the end, it went quite well.

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Speaking of which, which partner did you work with during this operation? Would you systematically recommend that future sellers seek professional guidance?

Initially, we were hesitant about hiring an investment banker. But Renaud Guillerm (Managing Partner at Side Capital), who had supported us during a previous funding round, quickly convinced us. Renaud introduced us to various bankers in his network. We chose the one who offered not only competitive financial terms but also the best human fit. I would like to emphasize that while the fees represent a significant cost for the operation, they are also a sound investment. I truly don't regret our decision, because on our own, we wouldn't have been able to negotiate as effectively with the buyer, or perhaps even close the deal at all!

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What tipped the scales in favor of your buyer? What qualities did you prioritize in them?

We were looking for a major player that offered business synergies and a desire to preserve Welyb’s existing product, team, and culture. Culture is a key point, as we operated within a specific framework (transparency, kindness, 100% remote work, etc.). It was essential that the team could continue in that same way.

The Isagri group provided all those guarantees, so much so that there has been zero turnover among the 17 employees! Plus, we had already known the group for a few years.

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So, how did the deal finally close?

The process lasted nearly 8 months, from October-November 2022 to an agreement in principle in April, which accelerated things leading to a signing last July. As for the sale price, it proved satisfactory.

Regarding the specific clauses (liability guarantees, earn-outs, etc.), there are many that need to be looked at closely! But this is also where we expect our bank to step up and provide expert advice.

Fortunately, they were able to guide us throughout the negotiation process. You have to realize that negotiations set a specific pace that is crucial to follow: let your buyer talk, know how to reveal your cards step by step, and only grant a concession if you get something in return, etc. It was an exercise we learned a lot from!

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Based on your experience, which aspects of the sale should one be particularly vigilant about?

That’s an important question, because beyond the actual negotiation, there is, for example, all the preparation beforehand, the due diligence. I think one of our key success factors was having a well-organized data room, which made the process much smoother.

That wasn't a coincidence, as we had always made sure to organize our company well, for example by documenting our processes on Notion. It gave us good habits, so we weren't surprised by the requirements during this preliminary phase.

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Looking back, what were the most delicate parts of the operation?

I would say the somewhat ambivalent nature of the process, the "rollercoaster" aspect of it. To put it simply, one day you’re a millionaire, and the next you could lose everything (while still having to manage a company in that context).

The same goes for when you’re oscillating between the desire to raise funds and the desire to sell. And certain elements can make you doubt! There is a lot of stress in switching from one side to the other, a "double or nothing" aspect that strongly impacts your personal situation.

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If you had to do this operation again, would you change anything?

One is always tempted to replay the match in their head. I’ll give a small example: the engagement terms with our banker stipulated that we would pay lower fees if we accepted the offer from the first buyer presented to us.

We could perhaps have extended this clause to other players we also had in mind at the time...

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Do you have any advice for future sellers?

First of all, do not neglect the added value of having good advisors, especially a banker and a lawyer. Secondly, know how to stay focused on the business throughout the sale and until everything is signed! In our case, we continued to grow without getting distracted. The buyer appreciated this sincerity and was reassured that everything wouldn't just stop or be done on the cheap once the deal was closed!

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What is your current status now?

I remain an employee of Welyb and, as General Manager, I am supporting the company, which is still a separate legal entity. The whole team has stayed on, and they are more motivated than ever given our ambition and the resources we will have at our disposal.

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