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So, Friday August 8th, the sale of our business settled. We had struck a 2 week delay, which was quite an annoyance, but ultimately didn’t prevent the sale and handover from going remarkably well. It’s wonderful to feel that we have given the new owners the very best chance of success. In the last few weeks customers and staff were spending more time talking with the new owners and less with us, exactly as we hoped!
We had said for several months that we wanted the new owners to succeed and to grow the business beyond what we had achieved. It feels like we have given them every opportunity to do so. The benefits of being younger and coming into the business with enthusiasm and a fresh perspective all bode well for prosperous times ahead.
HD has talked a lot about luck lately. At this moment I feel like we have been very lucky. We stumbled upon a run down business in a small country town with a very robust, stable economy. It wasn’t purchased after lots of thorough analysis and consideration. More accurately, it was purchased on gut feel and a healthy dose of hope.
The town came to embrace the business and our particular approach. Our staff came from a broad and varied background. Our turnover was low, so typically we saw people stay with us, learn, develop and grow. I don’t think we were experts in recruiting, but we stumbled upon some very good people.
When it came time to sell, a buyer came along that was well suited and could secure the funds for the sale. The handover was excellent and I look forward returning as a customer.
We could take undue credit for this, but it feels like good fortune also played a very large part.
So now we both have a new and very different world ahead of us. By we, I mean my Dad, now retired at 77, any myself, 51 and in search of “what’s next?”.
Dad tried to retire at 68 but was stunningly unsuccessful. He lasted 3 months before launching himself back into small business. Now at 77 he seems to have a much stronger sense that retirement is really here this time. But a characteristic of small business is that it can become all consuming. It can feel like all your thought and energy get channelled into how to make the best of the business. So other interests suffer. Now he faces the challenge of rekindling old interests and strengthening old relationships. I really think he will go OK, but it will certainly take some effort. I just hope that both he and my Mum can make it through with their sanity intact.
For me, I’m now sitting at a table in warm sunshine, on an idyllic island off the coast of Queensland. A holiday to clear my mind after the intense activity of the business sale has been great.
I’m certain that I want to keep working, but I also know that I would like to have less strain on my body and mind. We’re not under pressure to return to work quickly, so I’m looking forward to thinking through where I might be of some value, without working myself into an early grave.
The whole process from purchase, via growth, to eventual sale has been a fantastic ride. Not easy, not for the faint hearted but a wonderful experience.
Looking forward to whatever is next!
Greg, your success in building a loyal customer base along with a low turnover work force says much more about you than you give yourself credit for.
The buyers of your business have huge shoes to fill. I’d love a follow-up post on how they are doing.
Best wishes for your (and your dad’s) next chapters.
Thanks Dan. We still live in the same small town, so hopeful that when I drive past the workshop will be bustling and prosperous.
Congratulations Greg, I wish you future success and happiness. After a major transition I think it makes sense to take little time to consider your options. I’ve lived through multiple iterations of my division being merged, sold, merged, sold again, and merged multiple times. We had layoffs, plant closings, and jobs moved to other states. I saw many folks panic and rapidly jump to something else, only to regret it later. Many had little choice, they needed the job. But its you have the opportunity to move deliberately I think it will provide a better result.
Thanks Rick. I don’t envy all the corporate turmoil you had to endure. I certainly hope that with a little time I can move into something that suits well.
Congratulations, Greg. Happy for you. Chris
I love reading about your success and happiness. Congratulations Greg, and best wishes on finding your next chapter.
Thanks Edmund. Whatever success we might have achieved still feels quite surreal!
You make your own luck. I recall my dad saying the harder he worked the luckier he got. Congratulations on the sale. My dad’s sale of his business was an easy one. His buyers were knowledgeable and experienced. The match up was close to perfect. After his accountant proved to him he would be paid in full over time, he agreed to sell his baby to his sons.
My brother and I had a perfect partnership for 18 years. I wanted out before he did for just one reason. I needed to prove to myself I could be successful without my dad’s help.
Being just 56 when I finished my stint with the buyer, it was time to play golf. I quickly found out that I couldn’t that every day. Fortunately, I came across an ad in the newspaper looking for ME!
I learned that I had knack for repairing broken businesses. That led to multiple assignments. The best part was that my capital was not at risk.
After building a successful company, you will very much enjoy doing the same for others. Reach out to business accountants in your region. Tell them what you want and why. The news will spread quickly.
Thanks Richard. Glad that you found such a good niche to move into later in your working life. Your suggestion about repairing broken businesses is an interesting one – food for thought!
That’s excellent news, congratulations! Enjoy your break. Do you envisage continuing to work for yourself? I know from my perspective I would have had a difficult time working for someone. The autonomy of ownership was too ingrained; I suspect I would have failed spectacularly as an employee
Thanks Mark. I’m equally happy to work for myself or others, having done both in the past. If I did get back into business for myself, I would look for something run down that needed a spark of life again. Nothing around at the moment that fits the bill, so happy to work for wages again.