Avionics News July 2018 - 64
feature
SELLING A BUSINESS
REQUIRES A PLAN
STORY BY BY MANDY PATTERSON, VICE PRESIDENT OF OWNER RESOURCE GROUP &
ROBERT DAVIS, PARTNER AND CHIEF INVESTMENT OFFICER OF ROUND TABLE WEALTH MANAGEMENT
W
e often say to our clients that there
are three parts to every transaction:
a beginning, a middle, and an end. The "easy"
part is getting in, i.e., the beginning. More
difficult is the middle (actually developing
profitability). And the most important, and
The co-author, Mandy Patterson,
is the vice president of Owner Resource Group,
an AEA member company in Austin, Texas.
often ignored until too late, is the end. Not to
say that other aspects such as managing costs,
strategic marketing or critical hires are not
important, it's just that the exit is final - no
"do-overs" allowed. For this reason, planning
the exit or sale of a business needs careful
scenario analysis and planning to affect the
right transaction. Preparing a business for sale
should begin, in some cases, years in advance.
Ramping revenues, improving margins and
managing expenses is critical to achieving
64
avionics news
*
july
2018
optimal valuations from a serious buyer. Not to
mention having thoughtful conversations with
yourself and loved ones to ensure that the path
you are taking is the one you desire most.
That's because there are multiple options for
a transition of ownership. These include: selling
or gifting the business to family member(s),
selling to a private equity firm, selling to a
strategic buyer (oftentimes a competitor),
creating an Employee Stock Ownership Plan,
or a management buyout, which often requires
a funding source for management (such as
seller financing or a private equity backer).
The most-flexible option is usually partnering
with a private equity firm, as long as its
goals are aligned with yours. Many firms will
allow you to determine your day-to-day role
in the business moving forward - whether
that's continuing to manage the business,
transitioning to retirement or exiting completely
and immediately. A good partner (private equity
firm or other buyer) will enable you to remain
invested in the business to benefit from the
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