Leigh Golombick, Morgan Shaw Advisory: The human side of mid-market M&A

Key takeaways: mid-market M&A outlook & leadership

• Optimism in the Australian mid-market: Improving conditions — reduced volatility and a stabilising cash rate — are driving increased M&A activity, particularly among founder-led businesses reaching organic growth ceilings and baby boomers seeking exits.
• Strong demand for 'meat and potatoes' businesses: Stable, cash-generative companies with defensible market positions are commanding significant buyer attention, partly driven by the rapid growth of search funds.
• Three sectors to watch in 2026: Defence (boosted by government investment and AUKUS), industrials (consolidation opportunities), and AI-enabled technology businesses are key areas of dealmaking focus for Morgan Shaw Advisory.
• The rise of the search fund model: With a long-term ownership mindset well-suited to founder-led companies where legacy matters, search funds are emerging as a compelling and complementary exit pathway.
• Empathy as a dealmaking strength: Women bring a distinct perspective to M&A — particularly the empathy required to guide entrepreneurs through what is, at its core, a deeply personal and emotional process.

"Being trusted to guide entrepreneurs through significant moments, helping them realise value and navigate a complex emotional journey, is a privilege and responsibility I find deeply rewarding."

Dealmaking is, by its very nature, an unpredictable beast. It can be, by turns, inspiring, frustrating, fast-paced, drawn-out — and ultimately rewarding. "No two days are the same," says Leigh Golombick, Director of Transactions at Sydney-based boutique M&A advisory firm Morgan Shaw Advisory, "and there is an endless depth of knowledge to build across different industries." It is a quality that drew her to the field — and one she has leaned into throughout her career.

Of greater significance, perhaps, is the second reason: the human side of M&A. "Women often bring empathy, which is crucial because M&A is deeply personal and emotional for business founders." For Leigh, helping those founders realise value is not just a professional function — it is a responsibility she finds genuinely rewarding.

Morgan Shaw Advisory operates on an industry-agnostic basis, specialising in professional and emotional guidance to founder-led and entrepreneurial businesses. The firm typically transacts at enterprise values of $10 to $100 million.

Optimism in the Australian mid-market

Leigh is candid about her outlook heading into 2026: "I am optimistic about mid-market M&A activity in Australia, particularly into 2026, as conditions improve, with reduced volatility and a stabilising cash rate."

A key demand driver is structural. Founder-led businesses are reaching a ceiling with organic growth, while a cohort of baby boomers without succession plans are actively looking for exits. At the same time, private equity and venture capital are sitting on significant dry powder, waiting to be deployed.

In terms of what buyers want, she is unequivocal: "We are seeing strong demand for 'meat and potatoes' businesses: stable, cash-generative companies with defensible market positions." That demand, she notes, is being driven in part by the rapid growth of search funds — a theme she expects to define the mid-market in the years ahead.

Three sectors to watch in 2026

Leigh identifies three areas of concentrated dealmaking activity for Morgan Shaw Advisory as 2026 unfolds.

The first is defence, which benefits directly from government investment and the geopolitical tailwinds created by the AUKUS trilateral security pact. With defence spending rising globally, the deal pipeline in this sector is only likely to grow.

Industrials presents a second opportunity, with consolidation dynamics creating natural M&A activity across the sector.

The third — and perhaps most cross-cutting — is technology, specifically IT services and AI-enabled businesses. "AI is increasingly cutting across all sectors," says Leigh, making tech acquisitions strategic imperatives rather than opportunistic add-ons.

The rise of search funds

"A compelling theme is the continued rise of search funds," says Leigh — and it is one she believes is particularly well-suited to Morgan Shaw Advisory's core clientele.

The search fund model, whereby a typically MBA-equipped 'searcher' acquires an existing business with the intention of becoming its long-term CEO, offers a "long-term ownership mindset well-suited to founder-led companies where legacy matters." For retiring founders who want more than a clean exit, it presents an option that balances commercial value with continuity of culture.

Demographic tailwinds reinforce the opportunity. Baby boomers represent a powerful wave of motivated sellers, looking for "exit options that balance value and transition" — not simply the highest price.

A third theme Leigh identifies is technology enablement across traditional businesses: "Buyers are acquiring platforms they can enhance rather than simply bolting on revenue." It is a shift that is reshaping how acquirers think about value creation post-deal.

A different perspective at the table

It is not only Leigh's clients who navigate a complex, emotional journey — being a female-led team has allowed Morgan Shaw Advisory to break the male-dominated mould of M&A advisory, "reinforcing the importance of bringing a different perspective," she says.

Her leadership philosophy is grounded in three principles: accessibility, trust, and authenticity. A past experience shaped her approach directly. Having once been let go without meaningful feedback, she made a conscious decision to lead differently — providing strong, honest feedback as a matter of course.

"Teaching and mentorship sit at the core of my philosophy," she says. "Dealmaking is a craft learned through experience. I aim to lead in a way that is genuine, as authenticity builds trust."

Advocacy creates momentum

Leigh has been a vocal advocate — for herself, and for women across the industry.

On a personal level, she successfully negotiated a four-day working week, an experience that reframed how she thinks about self-advocacy. "Advocating is not about asking for less, but being clear on how to deliver your best work."

That conviction led her, in 2023, to found 'By Women in Finance' — a Sydney-based community organisation normalising different working models within financial services. Through regular events including social drinks, roundtable lunches, and sports activities, the organisation creates a welcoming space for women to build connections and access genuine peer support.

The philosophy is simple, and it is one Leigh lives: "Advocacy creates momentum; when one person speaks up, it gives others permission to do the same."