Newsletter #96: Why Do I Create This Email Newsletter and...

Mac
8 hours ago
3 min read

Singapore National Day Parade — Artist at work!

How are you?

I have been doing extensive reflection over many things for the past 2 weeks. From the business landscape in Singapore, Fey Day market development plan, business model, product roadmap all the way to the deal flow and content. Often time, I found myself to be in a dilemma and unable to answer my own questions. Thankfully, I feel fairly relaxed most of the time. Exercise helps a lot..

Of all the activities that I am involved in Fey Day, my favourite got to be writing this email newsletter. The original intention is to build awareness for Fey Day from a marketing perspective, however this objective seems to have tweaked mid-way. While brand building is still part of the objective, I have decided to pivot it towards self-expression, knowledge-sharing and shaping what semblance of community it maybe. Weird, isn't it? I thought so too, although I feel that this is the way to go.

Fey Day is essentially a sell-side M&A firm and our direct clients are the sellers (business owners). I feel that our relationship with clients are more like a long-term partnership, given how closely we work with our clients and the lengthy process of a M&A journey. (Typically 1 - 2 years) Often time, I have to deliver feedback, assessment or update that may require one to embrace stoicism.

Hence it's important for clients to feel comfortable with the personality and values of the M&A brokers that they are working with. The regular publishing of this newsletter is to allow readers to understand Fey Day better. Objectively, it is to arrive to 2 destinations. To turn us down (or unsubscribe) if the business owners or buyers feel that we are a poor fit for them. To engage us eventually if we are a good fit for them.

Unlike what most people think, I think getting a 'No' can be a good thing. It allow us to focus and allocate more resources at the right place in the long run.

At the same time, if we feel that any buyers or sellers are a poor qualitative fit for us (in terms of values, working style, expectation etc), we will respectfully ask them to work with other M&A brokers. Over the past 2 years, I suspect I have informed at least 30 buyers/ sellers/ partners to do so.

I sincerely believe that to create a work of art, it's important for one to enjoy the process however difficult the task maybe. While some may choose to interpret it as arrogance, I see this as taking on a harder but nobler path. We embrace our stance in a gentle manner. :)

t's good to see the smiles of so many people, including the CEO of BNI - Mary Thompson at our booth during BNI Singapore National Conference 2026!

M&A landscape For SMEs in Singapore!

I estimate that there are approximately 80 - 100 successful M&A transactions taking place every year. I am referring to deals where the buyer or sellers are based in Singapore. With a transaction value of SGD $1 mil - $50 mil. (Unfortunately there is no public data available that I can find)
Approximately 85% of the SME owners are unlikely to exit due to the quality of business, unrealistic asking price, lack of flexibility and a small buyer pool for the lower market.(Deal size below SGD $30 mil)
Although Singapore is a financial hub, M&A for SME lower market is still in the nascent stage. Infrastructure is not established, buyers and sellers are mostly uninformed, buyers and sellers pool is small, no ecosystem yet.
Level of quality deal flow is surprisingly low.
Check out this LinkedIn article written by Dr Tan. It will shed some light on the reality of M&A transaction for lower market SME deals in Singapore.