Wallonia is becoming one of Belgium's most compelling M&A markets, and Closing’s new shareholder, Maxime Claes, thinks the professionals who'll thrive there are those who understand that the numbers are only half the story.
Known for its medieval towns and Renaissance-era architecture, the region is not as large as the Flemish business environment, and doesn't carry the cross-border deal volume of Brussels. But Maxime – who already has 34 registered deals to his name on Dealmakerdata.be – believes this is busy changing. "Wallonia has a very strong base of entrepreneurial companies", he says, "many of which are entering an important transition phase – whether it’s succession, growth, or international expansion."
What Wallonia has always had, Maxime argues, is quality. SMEs here tend to compete less on scale and more on the precision of their operations. "We regularly see very big companies falter when it comes to service delivery. The flexibility and reactivity that Wallonian SMEs bring make the difference.”
This combination of human complexity and financial rigour, particularly in the SME context, is exactly what motivates Maxime. “Working with entrepreneurs who have spent decades building their company really drives me”, he explains. “For many of them, selling their companies is the most important decision of their professional life, and knowing they rely on your guidance creates a strong sense of purpose.”
"We regularly see very big companies falter when it comes to service delivery. The flexibility and reactivity that Wallonian SMEs bring make the difference.”
Finding purpose in people
This purpose is what ushered Maxime towards the M&A industry after completing a business engineering degree at HEC Liège. He participated in HEC’s CFA Challenge, an inter-university competition in which teams analyse and value a listed company before presenting an investment recommendation. “The challenge was supervised by my corporate finance professor, Marie Lambert, to whom I owe a great deal. That experience convinced me that this was the type of work I wanted to do”, he says.
Thanks to Marie, who introduced him to David Franeau, the managing partner at Closing, Maxime moved into the corporate finance industry and quickly gravitated towards transaction work. “We immediately got along very well, and over the past few years, David has taught me an enormous amount”, Maxime recalls.
Since then, he has had the opportunity to work on a wide range of small- and medium-market transactions. “Every deal is different – different sectors, different people, different challenges. That diversity is what makes the job so interesting, and what makes it such a unique learning experience”, he shares
Maxime explains that each transaction reveals something new, whether it’s an industry dynamic, a negotiation nuance, or a business behaviour he hasn’t encountered before. “Those layers accumulate into judgment no financial model can replicate.”
It’s not all about the numbers
What Maxime didn’t expect was how much of that judgment would have nothing to do with finance. “The one thing I wish I had known sooner is that M&A is much more about people than it is about numbers”, he reflects.
“Early in your career, you focus on models, valuation, and techniques”, Maxime explains. “While they are essential, over time, you realise communication, trust, and understanding the motivations of various stakeholders are just as critical.” A good deal, he has learned, is not only defined by the price but by the future it provides for the company, its employees, and the family that built it.
This matters especially in Wallonia, where many companies are still family-owned, often run by founders who have never been through an M&A process before. “For many entrepreneurs, selling their company literally feels like giving away part of the family”, Maxime reiterates what many M&A professionals have pointed out previously.
"The best deals are the ones where clients feel both financially satisfied and personally comfortable with the future of the company", he says.
"The best deals are the ones where clients feel both financially satisfied and personally comfortable with the future of the company."
No shortcut to trust
Maxime carries this new perspective with him into his role as shareholder at Closing. “Before, I was really focused on the transaction in front of me. Now I try to see the bigger picture, beyond just execution”, he observes. “I’m increasingly thinking about the long-term development of the company and broader industry.”
That means mentoring and inspiring younger analysts, as well as thinking more deliberately about Closing’s presence across the Walloon market. “I want Walloon entrepreneurs to have access to high-quality advisors, long before a deal is imminent, and for the region to become more visible to the national and international investors increasingly circling it”, he explains.
“Closing has always been a place where you’re encouraged to take on more responsibility, build relationships with clients, and develop your own initiatives”, Maxime says. “My ambition is to continue creating a work environment that makes people stay, because the value of a company is really the people that it’s made up of.”
His advice to M&A professionals looking to make the most of Walloon’s newfound potential shows everything he’s learned in the past eight years. “Start preparing earlier than you think – everything takes longer than it looks”, he suggests, adding that the best transactions are usually the result of careful planning.
“There is no shortcut to trust, and no substitute for the work that builds it”, Maxime notes. “It requires technical insights, soft skills, and time.” Because (as he keeps pointing out) it’s about balancing both the numbers and the feelings.
