How it works
From a first conversation to closing.
- A first conversation.On the phone or over coffee. I'll ask about the business, your people and what you want for yourself. You don't need to send anything.
- A few numbers, under an NDA.If it looks like a fit, I sign a confidentiality agreement first. Then I ask for three years of financial statements or tax returns. No customer names yet.
- A visit.I come see the operation on your schedule, with whatever explanation you want to give your team.
- A written offer.A letter of intent with price, structure and how the transition would work, so you know exactly where I stand.
- Diligence and closing.A closer look at the books, contracts and operations while the SBA lender completes its approval. Signed letter to closing usually takes three to five months.
Commitments
What you can count on.
- I run the business myself.Customers and employees deal with the owner, not a manager reporting to someone far away.
- The plan is to keep the name, the people and the location.A business that works doesn't need to be rebuilt.
- Nobody hears about it from me.I won't contact your employees, customers or suppliers without your permission.
- You set the pace.If you're a few years out, that's a fine time to talk.
Questions
What owners usually ask.
Will you keep my employees?
That's the plan. Your team is a big part of what I'm buying. I'm not bringing in my own crew or folding you into something bigger, and you'll know my plans for your people before you sign anything.
Will you keep the name?
In almost every case, yes. A name your customers already trust is worth more than anything I could replace it with.
How is this different from private equity?
There's no fund and no date when I have to sell. I'm buying one business to own and run myself. A private equity firm usually plans to sell again in a few years. I'm planning on decades.
Do I have to stay on after the sale?
Usually for a transition period, often a few months up to a year, on terms we agree on up front. Some owners want a clean handoff and some want to stay close. Both can work.
What if I'm not ready yet?
Call anyway. The best transitions often start with a conversation years ahead of time. I'm glad to talk through what a sale could look like, with no pressure to do anything.