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Location: Southeast, MI
The owner of this very nice 40-employee business has been trying to sell for a number of years since his age and health are not what they used to be. One of the owner’s professional advisors already knew of a client that might be interested in buying his shop.
After several years of the buyer dragging his feet while dealing with his own company issues, this owner became tired of waiting. The owner called Glen at Midwest after a referral from a business owner friend, and after several visits, a business relationship was made. Midwest quickly developed a very comprehensive marketing plan which was implemented, and the hunt began for a good buyer.
In this case, the vast majority of the potential buyers were corporate buyers as opposed to individual or private buyers. After a few short months, approximately 115 inquiries were received, and 73 signed Non-Disclosure Agreements (NDA’s) were received by various interested buyers looking for further information.
Each potential buyer was screened and interviewed about their particular interests, and if there was no match, no additional information was shared. Of the 73, it came down to 11 candidates, with a total of 7 being introduced to the buyer via video(3) and four after-hours site visits, there were a total of 5 offers. Of the buyers, 5 were buyer who owned other companies, and 2 were private individuals.
After a lengthy discussion and thought period, the owner selected one buyer candidate in for a second and third visit. On the third visit, a great relationship began when the Presidents of both companies got together and spoke about their future plans.
The buyer lead for this business came from the Midwest Business Advisors database of buyers, as we have worked with this client for the past 15 years.
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