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09-01-2021, 08:03 PM
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#41
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,525
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^ yes, interesting inside view.
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09-01-2021, 09:30 PM
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#42
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
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Corn18, thanks for the details on your expertise. Really interesting to someone that is basically in the bleachers, vs the ones playing on the field.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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09-02-2021, 07:29 AM
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#43
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Dryer sheet aficionado
Join Date: Jan 2020
Location: NJ
Posts: 48
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Awesome information thank you for taking the time to post. My broker is a master negotiator and has done deals with this buyer in the past. This is both good and bad as they know they'll see each other again down the road. There is a fair amount of trust and integrity between them but my guy might not push back as hard. Latest details-the seller is willing to give me stock in his company and make me an owner. This is rare in my industry. My friend from Texas did this and has tripled the value in the last 3 years. He vowed to leave after a year but is still working and loves being part of a top company. Corn18 please message me your address would be happy to send a bottle of scotch.
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09-02-2021, 08:44 AM
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#44
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Thinks s/he gets paid by the post
Join Date: Mar 2018
Posts: 3,514
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Fascinating stuff, thank you Corn18.
I'm going to start the process of selling my small manufacturing business so this information is extremely interesting to me.
__________________
Age is a very high price to pay for maturity.
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09-02-2021, 11:42 AM
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#45
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Thinks s/he gets paid by the post
Join Date: Aug 2015
Posts: 1,890
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 Quote:
Originally Posted by Jerseytunahunter
Awesome information thank you for taking the time to post. My broker is a master negotiator and has done deals with this buyer in the past. This is both good and bad as they know they'll see each other again down the road. There is a fair amount of trust and integrity between them but my guy might not push back as hard. Latest details-the seller is willing to give me stock in his company and make me an owner. This is rare in my industry. My friend from Texas did this and has tripled the value in the last 3 years. He vowed to leave after a year but is still working and loves being part of a top company. Corn18 please message me your address would be happy to send a bottle of scotch.
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Sounds like a good bunch to work with. I will say none of the deals I ever worked on were ever adversarial. Always professional. Business is business.
The only thing I was going to add was on the growth side post acquisition. You can grow EBITDA 2 ways: increase sales or reduce cost (or both). Increasing sales usually requires investment, so make sure you have the control you need if you need to invest. And we talked about costs. Reducing them is always a good thing as long as it doesn't impact growth. That will be hard to do post acquisition, I suspect. You know you're business better than anyone. Just make sure they give you the authority to spend your revenue as you see fit. We had an onerous IR&D approval process that usually slowed up a new acquisition. And we put so much pressure on them to produce cash that they had to make hard choices between investing and spinning off cash.
I think that's it unless you have any questions.
__________________
Consistently sets low goals and fails to achieve them.
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10-29-2021, 06:37 AM
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#46
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Dryer sheet aficionado
Join Date: Jan 2020
Location: NJ
Posts: 48
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Well, here we are it's Christmas Eve. We close 12:01AM November 1st. I couldn't even put into words how difficult the quality of earnings and due diligence were. We signed the LOI Sept 7, so to get all of the work done in seven weeks made it I think 2x harder. Anyway very little to do today, it's pretty much a wrap. My team is a little stressed but having myself and my director of operations stay on for 3 years is comforting. It's funny how my perspective has changed since I signed with the broker in May. At that time I wanted out but in going through the process I realized how much I like my job and my team. I'm happy to stay on to make sure my people and my customers are taken care of-plus the earn out is significant. Thank you everyone who contributes on this site I learn something each time I sign on.
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10-29-2021, 07:09 AM
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#47
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Thinks s/he gets paid by the post
Join Date: Aug 2015
Posts: 1,890
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Congrats! Selling is the easy part. The transition will require all of your leadership skills to keep all the BS from impacting your team.
__________________
Consistently sets low goals and fails to achieve them.
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10-29-2021, 08:48 AM
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#48
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
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Congratulations Jerseytunahunter on getting through the process successfully. Now you can look forward to those 3 years passing and becoming fully retired at that point. Or if the work is still fun, can continue but without any contractual commitment.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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10-29-2021, 09:30 AM
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#49
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2015
Posts: 5,867
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Congratulations and welcome to retirement on your terms!
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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