Have you ever look in the mirror and thought “It’s time to do what I want to do"? Well you’re not alone… It was a Spring morning, when Howard, aged 63, had a moment of clarity as he stood in the bathroom. It’s Time To Retire “It’s time to retire.” he told himself. And then flood of thoughts overwhelmed him… “What about the business?" “Who can I sell it to?" “Would I have enough money to fund my retirement?" It was a modest engineering business which Howard had started 38 years ago in Coventry. A small owner-managed company that provided employment for 17 staff. “I hadn’t planned to retire until I was 65” said Howard. “But when I lost Dorothy in 2017, things changed.” Howard had run the business and continued to care for Dorothy, his childhood sweetheart, until she lost her battle with cancer. They had planned that when they retired, they would travel, and tick off the many adventures that Dorothy and Howard had listed on their bucket-list still stuck to the fridge with a magnet. “When you lose your soul-mate, something inside you dies” Howard said, “It’s lonely. I don’t have the drive to get up each morning and run the business anymore. Eventually you’ve got to face the harsh reality that you’re no Spring chicken.” “Dorothy and I had always talked about passing the business down to Richard [their son], but he moved away years ago and works for one of those big banks. I honestly don’t think that engineering is ‘sexy’ enough for him and his generation.” “You work for 50 years, get the kids through football, piano lessons and acne, transfer your care-taking obligations to your elderly parents and — if you are especially blessed — continue to nurture the astonishing love you have for your grandchildren.” Howard continues. “I still enjoy the time with Sophie, 11, and Steven, 13, [Howard’s two grandchildren], but because of the business, the distance and Richard’s job, I only get to see them every 2 or 3 months.” “Since Dorothy’s passing, Richard begs me to move closer to them, not just for me, but so that the grandchildren can get to know me before they grow up. I also get a sense that Richard fears that I may not have many more miles left on the clock and so wants more time with me.” “The mortgage was paid off years ago, I’ve got a few quid in the bank, but I don’t know what to do with the business.” What Do I Do With The Business? Howard’s dilemma is no different to thousands of business owners facing retirement who own a healthy business but have no plan around who to pass the baton to. For many business owners, it not just about getting the right price for the business, but they want to be sure that they are selling to the right buyer. Of primary importance is passing on the ownership in a way that creates minimal impact on their customers, some of whom they have had relationships with for decades. Preserve Your Legacy! All owners want to know that their legacy would be preserved and that their employees would be taken care of after the sale which is why Howard said that he kept “Kicking the can down the road.” At some point you just need to force yourself to make the hard decision and I can assure you that there is a way to sell your business, achieve a good price, protect your customers, your legacy and your staff and be assured that your business is in safe hands. So, if you’ve decided to retire and you do want to exit your business, then I can help you to find the right buyer who will preserve your legacy, take care of your customers and protect your staff. Click the link below to schedule a call with me where we can discuss your personal situation. I must apologise in advance for any delay, but I limit the number of business owners that I support at any one time. A Happy Ending… By the way, Howard did find the right buyer, who even kept the company name and retained all the staff. He sold the family home, downsized and moved closer to Richard near Portsmouth where he and the grandchildren spend most Sundays down at the beach.
Hi, I’m Andrew…
My name is Andrew McBarnett FCMA CGMA. My background is that I am a Fellow Chartered Management Accountant and I specialise in turnarounds and business transformations. I started my first business at the age of 29, which grew to £1m in 1 year, we scaled it to £3m in 5 years and the business traded for over 20 years. I have designed, implemented and executed billion-pound strategies for some of the world’s largest global brands including Vodafone, Panasonic and Abbott Inc. Having completed a successful career in big-business, I am now looking for opportunities to buy owner-manged businesses. My goal is to help you to plan for your exit by preserving your legacy, taking care of your customers and protecting the welfare of your staff. If this is of interest to you then please schedule a call where we can have a brief chat. All the best and stay safe.
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