“It is a match made in heaven. I’ve known for years they’d want to buy my company eventually. Should I negotiate just with them or take my company to market and bring in other bidders, you know, get an auction going?” Though having just celebrated his 73rd birthday, Tom (not his real name) was still going strong. The company he founded in 1982 was generating strong cash flow, and there was nothing on the horizon to Read More
Second Generation Complacence
“Oh I just love this house,” Emily (her real name) said as she was checking out. “It’s a shame it's fallen into such disrepair. We have so many memories over the years, but we can’t stay here next time we’re at the beach.” Emily loves going to Seaside, a wonderful community on 30A in the Florida panhandle. Her family has been going there since her children were young. For the past few years, she and her husband Jim Read More
The Value, Yet Discomfort, of Selling to a Competitor
Robert (not his real name) is ready to sell his business. During our recent call to discuss the process, he described himself as “done, done being a business owner.” Robert took over the business from his father 20 years ago. Though he didn’t say it, I got the impression that being a business owner wasn’t Robert’s preferred career choice. I’ve seen this phenomenon before, when someone is essentially forced to take Read More
When Your Vision is Just a Blur
“If a buyer has just a bit of vision for this business, they could hit it out of the park.” Paul (not his real name) was asking for my help to sell the business. At the age of 75, you’d assumed he was ready to sell, but he wasn’t the decision-maker. His 92-year-old uncle still owned the business that had been in the family since 1972. Paul had finally convinced his uncle it was time to sell. You think? Running a Read More
The Strategic Value of Overpaying ….Say What?
Morgan (not his real name) is going to have a nice exit from his business in about five years. Over the past four years, he has grown his company from annual revenue of $12 million to annual revenue of $35 million. About half of that growth has been organic, the other half has come through the acquisition of supporting businesses. What’s particularly cool about Morgan’s story is how thoughtful and intentional he has Read More
Can You Afford to Watch It Go Up in Smoke?
Covid has wrecked his business. Paul (not his real name) owns a company that is a leading player in Nashville's trendy food scene. As everyone knows, the restaurant sector has been decimated by pandemic-driven shutdowns. To raise cash, Paul asked me to help him sell a minority interest he owns in a business in Texas. Paul was hoping the proceeds from selling that minority interest could be reinvested back into his Read More
One Thoughtless Comment, Say Goodbye to $35 Million
Don (not his real name) was smart, but his errant comment cost him $35 million. In just 12 years, he had built his company to be the largest in his industry. Don was a rock star, and his company’s future was bright. But Don had taken the company as far as he wanted to take it. Though just 44 years old, he was ready to sell the company and realize his life’s ambition to play golf on six continents (did you know, Read More
Avoid No-Man’s Land
A few months ago I watched the movie “1917.” It tells a true story about the audacious heroism of a British soldier during World War I. Beyond being a great story, the filming was incredible. There were times I felt I was the guy in the muddy trenches. There is much to learn from this wonderful movie, not the least of which is war is awful and should be avoided at all costs. But there is another lesson that has Read More
Success in Corporate Life May Not Transfer
“It’s time for me to leave, I can’t take one more HR seminar, help me find a business to buy.” So started my relationship with Andy (not his real name), a senior-level executive at a publicly traded healthcare company in Nashville. “I like my corporate job OK, but it’s corporate life I’m not happy with,” he told me over lunch. “I’m ready for a change, I want to be an entrepreneur,” Andy said even before the waiter Read More
Ask the Right Question First
“I am making great money, and I love what I’m doing. But with this economy, lord knows where it's going after the election. Maybe I should just sell now.” Randy (not his real name) called me on the advice of his Raymond James wealth advisor. Randy is getting weekly calls and emails from private equity buyers asking about his interest in selling. “I really hadn’t planned to sell until my youngest son finishes college Read More
